Exam 6: Introduction to Consumer Credit

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A friend comes to you for advice about improving their credit score. What advice would you give them? Make sure to include the five steps for improving your credit score.

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Credit is an arrangement to receive cash, goods, or services now and pay for them in the future.

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What does it mean when a credit card is cobranded?

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With closed-end credit, loans are made on a continuous basis and you make at least a partial payment each billing period.

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A bank that is looking at your past payment records on your loans is most likely examining which aspect of the 5 Cs of lending?

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By paying cash for a purchase, you:

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The larger the debt-to-equity ratio, the riskier the situation is for lenders and borrowers.

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A lender requires a cosigner even when a borrower meets the lender's criteria for making a loan.

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In the 5 Cs of credit, conditions refers to general economic conditions that can affect your ability to repay a loan.

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When did installment credit explode on the American scene?

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Jim Roy visits the doctor for his annual check-up which costs $85. He is billed for this at the end of the month. What type of credit did Jim use?

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Which federal law allows consumers to withhold payment for faulty or defective goods or services (within certain limitations) when purchased with a credit card?

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The debt-to-equity ratio is:

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"Shopaholics" and young adults are most vulnerable to misusing credit.

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An unauthorized person who obtains a credit report under false pretenses may be:

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Another name for open-end credit is:

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Which one of the following is important to do to help avoid credit card fraud?

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The aging of the baby boom generation has added to the growth of consumer credit.

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Interest is a periodic charge for the use of credit, or other finance charges.

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Which federal consumer credit law starts all credit applicants off on the same footing?

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