Question 1

The finance charge is the total dollar amount you pay to use credit.

Accepted Answer

A) True 
 B)False

Question 2

The annual percentage rate is the percentage cost of credit on a yearly basis.

Accepted Answer

A) True 
 B)False

Question 3

If you declare a Chapter 7 bankruptcy,you do not have to pay alimony,child support,or educational loans.

Accepted Answer

A) True 
 B)False

Question 4

What are the various methods used to calculate interest?

Accepted Answer

The answer of What are the various methods used to...

Question 5

You have two choices in declaring personal bankruptcy: Chapter 7 and Chapter 13 bankruptcy.

Accepted Answer

A) True 
 B)False

Question 6

Payday,cash advance,check advance,and post- dated checks are _________ loans.

Accepted Answer

A) inexpensive 
B) medium-priced 
C) expensive 
D) low APR 
E) variable APR 
A) inexpensive 
B) medium-priced 
C) expensive 
D) low APR 
E) variable APR

Question 7

You may be able to borrow at a lower interest rate if you accept a shorter-term loan.

Accepted Answer

A) True 
 B)False

Question 8

The CCCS is basically concerned with:

Accepted Answer

A) lending money to destitute people. 
B) giving debtors food and shelter. 
C) helping destitute debtors to relocate into less expensive areas. 
D) preventing and solving the problems related to credit overextension. 
E) paying off mortgage loans. 
A) lending money to destitute people. 
B) giving debtors food and shelter. 
C) helping destitute debtors to relocate into less expensive areas. 
D) preventing and solving the problems related to credit overextension. 
E) paying off mortgage loans.

Question 9

According to consumer affairs experts,the nation's number one family financial problem is:

Accepted Answer

A) poor money management. 
B) over-indebtedness. 
C) medical costs. 
D) insurance costs. 
E) unemployment. 
A) poor money management. 
B) over-indebtedness. 
C) medical costs. 
D) insurance costs. 
E) unemployment.

Question 10

The consumer credit laws require that an advance notice be given before repossessing a car.

Accepted Answer

A) True 
 B)False

Question 11

The Consumer Credit Counseling Service (CCCS)is affiliated with the:

Accepted Answer

A) National Foundation for Consumer Credit. 
B) Federal Trade Commission. 
C) Better Business Bureau. 
D) U.S.Consumer Protection Agency. 
E) Federal Reserve Banks. 
A) National Foundation for Consumer Credit. 
B) Federal Trade Commission. 
C) Better Business Bureau. 
D) U.S.Consumer Protection Agency. 
E) Federal Reserve Banks.

Question 12

Which of the following lenders is most likely to be sympathetic about legitimate payment problems?

Accepted Answer

A) credit union 
B) payday advance company 
C) finance company 
D) department store 
E) commercial bank 
A) credit union 
B) payday advance company 
C) finance company 
D) department store 
E) commercial bank

Question 13

If you want to reduce your borrowing costs,you may need to accept conditions that lower the risk for your lender.

Accepted Answer

A) True 
 B)False

Question 14

What are the major sources of consumer credit?

Accepted Answer

The answer of What are the major sources of consumer...

Question 15

Explain choices available in declaring bankruptcy.

Accepted Answer

When declaring bankruptcy, individuals h

Question 16

Your bankcard has an APR of 18% and there is a 2% fee for cash advances.The bank starts charging interest on cash advances immediately.You get a cash advance of $600 on the first day of the month.You get your credit card bill at the end of the month.What is the total finance charge you will pay on this cash advance for the month? Assume each month has 30 days

Accepted Answer

A) $12. 
B) $9. 
C) $21. 
D) $0. 
E) $2. 
A) $12. 
B) $9. 
C) $21. 
D) $0. 
E) $2.

Question 17

By evaluating your credit options,you may:

Accepted Answer

A) reduce your finance charges. 
B) reconsider your decision to borrow money. 
C) discover a less expensive type of loan. 
D) find a lender that charges a lower rate. 
E) All of the other answers. 
A) reduce your finance charges. 
B) reconsider your decision to borrow money. 
C) discover a less expensive type of loan. 
D) find a lender that charges a lower rate. 
E) All of the other answers.

Question 18

In a Chapter 13 bankruptcy,the debtor normally keeps all or most of his or her property.

Accepted Answer

A) True 
 B)False

Question 19

An increasing number of bankruptcy filers are well-educated,middle-class baby boomers.

Accepted Answer

A) True 
 B)False

Question 20

The Truth in Lending law does not set the interest rates or tell the creditor how to make interest calculations.

Accepted Answer

A) True 
 B)False

The finance charge is the total dollar amount you pay to use credit.

The annual percentage rate is the percentage cost of credit on a yearly basis.

If you declare a Chapter 7 bankruptcy,you do not have to pay alimony,child support,or educational loans.

What are the various methods used to calculate interest?

You have two choices in declaring personal bankruptcy: Chapter 7 and Chapter 13 bankruptcy.

Payday,cash advance,check advance,and post- dated checks are _________ loans.

You may be able to borrow at a lower interest rate if you accept a shorter-term loan.

The CCCS is basically concerned with:

According to consumer affairs experts,the nation's number one family financial problem is:

The consumer credit laws require that an advance notice be given before repossessing a car.

The Consumer Credit Counseling Service (CCCS)is affiliated with the:

Which of the following lenders is most likely to be sympathetic about legitimate payment problems?

If you want to reduce your borrowing costs,you may need to accept conditions that lower the risk for your lender.

What are the major sources of consumer credit?

Explain choices available in declaring bankruptcy.

By evaluating your credit options,you may:

In a Chapter 13 bankruptcy,the debtor normally keeps all or most of his or her property.

An increasing number of bankruptcy filers are well-educated,middle-class baby boomers.

The Truth in Lending law does not set the interest rates or tell the creditor how to make interest calculations.

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

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

The finance charge is the total dollar amount you pay to use credit.

The annual percentage rate is the percentage cost of credit on a yearly basis.

If you declare a Chapter 7 bankruptcy,you do not have to pay alimony,child support,or educational loans.

What are the various methods used to calculate interest?

You have two choices in declaring personal bankruptcy: Chapter 7 and Chapter 13 bankruptcy.

Payday,cash advance,check advance,and post- dated checks are _________ loans.

You may be able to borrow at a lower interest rate if you accept a shorter-term loan.

The CCCS is basically concerned with:

According to consumer affairs experts,the nation's number one family financial problem is:

The consumer credit laws require that an advance notice be given before repossessing a car.

The Consumer Credit Counseling Service (CCCS)is affiliated with the:

Which of the following lenders is most likely to be sympathetic about legitimate payment problems?

If you want to reduce your borrowing costs,you may need to accept conditions that lower the risk for your lender.

What are the major sources of consumer credit?

Explain choices available in declaring bankruptcy.

By evaluating your credit options,you may:

In a Chapter 13 bankruptcy,the debtor normally keeps all or most of his or her property.

An increasing number of bankruptcy filers are well-educated,middle-class baby boomers.

The Truth in Lending law does not set the interest rates or tell the creditor how to make interest calculations.

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