Question 1

In order for a student to apply for financial aid,a student must file an annual:

Accepted Answer

A) credit report request. 
B) Free Application for Federal Student Aid. 
C) income tax return by April 15. 
D) police report. 
E) background check. 
A) credit report request. 
B) Free Application for Federal Student Aid. 
C) income tax return by April 15. 
D) police report. 
E) background check. B

Question 2

One of the drawbacks of borrowing from parents or family members is that such loans:

Accepted Answer

A) tend to be more expensive than other types of loans. 
B) must be interest-free. 
C) may create tension within the family. 
D) are limited to oral agreements. 
E) are legally prohibited from establishing repayment dates and terms. 
A) tend to be more expensive than other types of loans. 
B) must be interest-free. 
C) may create tension within the family. 
D) are limited to oral agreements. 
E) are legally prohibited from establishing repayment dates and terms. C

Question 3

The CCCS sometimes charges a fee if it:

Accepted Answer

A) administers a debt repayment plan. 
B) helps families manage their debts better. 
C) sets up a realistic budget for them. 
D) provides education to needy families. 
E) contacts creditors. 
A) administers a debt repayment plan. 
B) helps families manage their debts better. 
C) sets up a realistic budget for them. 
D) provides education to needy families. 
E) contacts creditors. A

Question 4

With the add-on interest method,interest is calculated on the full amount of the original principal.

Accepted Answer

A) True 
 B)False

Question 5

If you borrow $100 at 10 percent simple annual interest and repay it in one lump-sum at the end of one year,you will repay:

Accepted Answer

A) $100. 
B) $105. 
C) $110. 
D) $115. 
E) $120. 
A) $100. 
B) $105. 
C) $110. 
D) $115. 
E) $120.

Question 6

The Consumer Credit Counseling Service counseling is usually free.

Accepted Answer

A) True 
 B)False

Question 7

Steve Black has two children.He is buying each of them their own TV to put in their rooms so they do not have to join the rest of the family and watch TV together.Which one of the answers best explains Gary's spending?

Accepted Answer

A) misunderstanding or lack of communication 
B) the use of money to punish 
C) the expectation of instant comfort 
D) keeping up with the Joneses 
E) overindulgence of children 
A) misunderstanding or lack of communication 
B) the use of money to punish 
C) the expectation of instant comfort 
D) keeping up with the Joneses 
E) overindulgence of children

Question 8

Jerrod Dean starts the month with a balance on his credit card of $1,000.On the 10th day of the month,he purchases $200 in clothes with his credit card.On the 15th day of the month he makes a payment on his credit card of $500.The bank charges 1.5 percent interest per month using the adjusted balance method.What would Jerrod's finance charges be for the month?

Accepted Answer

A) $7.50 
B) $13.25 
C) $11.25 
D) $15.00 
E) $18.00 
A) $7.50 
B) $13.25 
C) $11.25 
D) $15.00 
E) $18.00

Question 9

In open-end credit,what are the various systems creditors use to calculate the balance on which they assess finance charges?

Accepted Answer

The answer of In open-end credit,what are the various systems...

Question 10

After you have selected a product,you should buy it immediately before the store runs out of it.

Accepted Answer

A) True 
 B)False

Question 11

Who financially supports the Consumer Credit Counseling Service?

Accepted Answer

A) National Foundation for Consumer Credit 
B) Community-minded firms and individuals 
C) Federal Reserve Banks 
D) The Federal Home Loan Bank 
E) Taxpayers 
A) National Foundation for Consumer Credit 
B) Community-minded firms and individuals 
C) Federal Reserve Banks 
D) The Federal Home Loan Bank 
E) Taxpayers

Question 12

The total dollar amount you pay to use credit is called the:

Accepted Answer

A) finance charge. 
B) annual percentage rate. 
C) price of the good/service purchased. 
D) amortized rebate. 
E) interest ratE. 
A) finance charge. 
B) annual percentage rate. 
C) price of the good/service purchased. 
D) amortized rebate. 
E) interest ratE.

Question 13

Sarah Parker's husband goes out with the 'boys' for a night on the town and gets home at 4 am waking everyone in the house.In response,Sarah goes out the next day and spends $500 in new clothes for herself putting it all on her credit card.Which one of the answers best explains Sarah's spending?

Accepted Answer

A) misunderstanding or lack of communication 
B) the use of money to punish 
C) the expectation of instant comfort 
D) keeping up with the Joneses 
E) overindulgence of children 
A) misunderstanding or lack of communication 
B) the use of money to punish 
C) the expectation of instant comfort 
D) keeping up with the Joneses 
E) overindulgence of children

Question 14

Which one of these methods is the fairest of calculating interest?

Accepted Answer

A) declining balance 
B) adjusted balance 
C) average daily balance excluding purchases 
D) average daily including purchases method 
E) previous balance method 
A) declining balance 
B) adjusted balance 
C) average daily balance excluding purchases 
D) average daily including purchases method 
E) previous balance method

Question 15

This morning,you received a phone call regarding a debt you allegedly owe.If you dispute this debt,you must write to the debt collector and request verification of the obligation.How many days do you have to send this letter?

Accepted Answer

A) 5 
B) 10 
C) 15 
D) 20 
E) 30 
A) 5 
B) 10 
C) 15 
D) 20 
E) 30

Question 16

Inflation increases the purchasing power of money.

Accepted Answer

A) True 
 B)False

Question 17

In addition to the Consumer Credit Counseling Service,universities,credit unions,military bases,and state and federal housing authorities sometimes provide credit counseling services.

Accepted Answer

A) True 
 B)False

Question 18

You can often obtain medium-priced loans from:

Accepted Answer

A) parents or family members. 
B) American Express. 
C) Diners Club. 
D) finance companies. 
E) commercial banks and credit unions. 
A) parents or family members. 
B) American Express. 
C) Diners Club. 
D) finance companies. 
E) commercial banks and credit unions.

Question 19

The most commonly purchased type of credit insurance is:

Accepted Answer

A) credit life insurance. 
B) credit accident insurance. 
C) credit health insurance. 
D) credit property insurance. 
E) credit disability insurancE. 
A) credit life insurance. 
B) credit accident insurance. 
C) credit health insurance. 
D) credit property insurance. 
E) credit disability insurancE.

Question 20

The two most common methods of calculating interest are compound and simple interest formulas.

Accepted Answer

A) True 
 B)False

In order for a student to apply for financial aid,a student must file an annual:

One of the drawbacks of borrowing from parents or family members is that such loans:

The CCCS sometimes charges a fee if it:

With the add-on interest method,interest is calculated on the full amount of the original principal.

If you borrow $100 at 10 percent simple annual interest and repay it in one lump-sum at the end of one year,you will repay:

The Consumer Credit Counseling Service counseling is usually free.

Steve Black has two children.He is buying each of them their own TV to put in their rooms so they do not have to join the rest of the family and watch TV together.Which one of the answers best explains Gary's spending?

In open-end credit,what are the various systems creditors use to calculate the balance on which they assess finance charges?

After you have selected a product,you should buy it immediately before the store runs out of it.

Who financially supports the Consumer Credit Counseling Service?

The total dollar amount you pay to use credit is called the:

Sarah Parker's husband goes out with the 'boys' for a night on the town and gets home at 4 am waking everyone in the house.In response,Sarah goes out the next day and spends $500 in new clothes for herself putting it all on her credit card.Which one of the answers best explains Sarah's spending?

Which one of these methods is the fairest of calculating interest?

This morning,you received a phone call regarding a debt you allegedly owe.If you dispute this debt,you must write to the debt collector and request verification of the obligation.How many days do you have to send this letter?

Inflation increases the purchasing power of money.

In addition to the Consumer Credit Counseling Service,universities,credit unions,military bases,and state and federal housing authorities sometimes provide credit counseling services.

You can often obtain medium-priced loans from:

The most commonly purchased type of credit insurance is:

The two most common methods of calculating interest are compound and simple interest formulas.

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health, Disability, and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Estate Planning

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Exam 7: Choosing a Source of Credit: The Costs of Credit Alternatives

In order for a student to apply for financial aid,a student must file an annual:

One of the drawbacks of borrowing from parents or family members is that such loans:

The CCCS sometimes charges a fee if it:

With the add-on interest method,interest is calculated on the full amount of the original principal.

If you borrow $100 at 10 percent simple annual interest and repay it in one lump-sum at the end of one year,you will repay:

The Consumer Credit Counseling Service counseling is usually free.

Steve Black has two children.He is buying each of them their own TV to put in their rooms so they do not have to join the rest of the family and watch TV together.Which one of the answers best explains Gary's spending?

In open-end credit,what are the various systems creditors use to calculate the balance on which they assess finance charges?

After you have selected a product,you should buy it immediately before the store runs out of it.

Who financially supports the Consumer Credit Counseling Service?

The total dollar amount you pay to use credit is called the:

Sarah Parker's husband goes out with the 'boys' for a night on the town and gets home at 4 am waking everyone in the house.In response,Sarah goes out the next day and spends $500 in new clothes for herself putting it all on her credit card.Which one of the answers best explains Sarah's spending?

Which one of these methods is the fairest of calculating interest?

This morning,you received a phone call regarding a debt you allegedly owe.If you dispute this debt,you must write to the debt collector and request verification of the obligation.How many days do you have to send this letter?

Inflation increases the purchasing power of money.

In addition to the Consumer Credit Counseling Service,universities,credit unions,military bases,and state and federal housing authorities sometimes provide credit counseling services.

You can often obtain medium-priced loans from:

The most commonly purchased type of credit insurance is:

The two most common methods of calculating interest are compound and simple interest formulas.

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Consumer Purchasing Strategies and Legal Protection

The Housing Decision: Factors and Finances

Property and Motor Vehicle Insurance

Health, Disability, and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Estate Planning

Filters