Question 1

The dominate credit score is

Accepted Answer

A) VantageScore. 
B) Experian. 
C) FICO. 
D) TransUnion. 
A) VantageScore. 
B) Experian. 
C) FICO. 
D) TransUnion.

Question 2

Which of the following statements is most correct regarding a secured credit card?

Accepted Answer

A) It is a valuable form of credit insurance - you are protected against loss if the card is lost or stolen. 
B) It is useful to someone who has bad credit or no credit established yet. 
C) It provides a higher level of user security,using technology to prevent illegal use. 
D) Compared to non-secured credit cards,it always carries a much lower rate of interest. 
A) It is a valuable form of credit insurance - you are protected against loss if the card is lost or stolen. 
B) It is useful to someone who has bad credit or no credit established yet. 
C) It provides a higher level of user security,using technology to prevent illegal use. 
D) Compared to non-secured credit cards,it always carries a much lower rate of interest.

Question 3

More than ________ of the 25 biggest credit card issuers do not charge annual fees.

Accepted Answer

A) 30 percent 
B) 50 percent 
C) 70 percent 
D) 90 percent 
A) 30 percent 
B) 50 percent 
C) 70 percent 
D) 90 percent

Question 4

What is the APY on Bradley's default,or penalty,rate if it is compounded monthly?

Accepted Answer

A) 33 percent 
B) 33.50 percent 
C) 38.48 percent 
D) 42.96 percent 
A) 33 percent 
B) 33.50 percent 
C) 38.48 percent 
D) 42.96 percent

Question 5

What type of a credit card is issued in partnership with a specific charity or organization,such as Mothers Against Drunk Driving (MADD),the National Rifle Association (NRA),or a college or university?

Accepted Answer

A) Prestige card 
B) Affinity card 
C) Travel and entertainment card 
D) Social responsibility card 
A) Prestige card 
B) Affinity card 
C) Travel and entertainment card 
D) Social responsibility card

Question 6

The ________ provides a single location for financial protection and oversight-and its mandate is to help consumers make better decisions.

Accepted Answer

A) Center For the People Bureau (CFP
B)  
B) Consortium of Fiscal Protection Bureau (CFP
B)  
C) Consumer Financial Protection Bureau (CFP
B)  
D) Consumer Fiscal Protocol Bureau (CFP
B)  
A) Center For the People Bureau (CFP
B)  
B) Consortium of Fiscal Protection Bureau (CFP
B)  
C) Consumer Financial Protection Bureau (CFP
B)  
D) Consumer Fiscal Protocol Bureau (CFP
B)

Question 7

A company that gathers and sells consumers' financial history to creditors is a

Accepted Answer

A) credit card company. 
B) credit bureau. 
C) credit investigation bureau. 
D) credit recovery firm. 
E) credit issuance firm. 
A) credit card company. 
B) credit bureau. 
C) credit investigation bureau. 
D) credit recovery firm. 
E) credit issuance firm.

Question 8

Only Prestige or Premium credit cards offer a grace period.

Accepted Answer

A) True 
 B)False

Question 9

If Monty buys a new television for $800 this month and sends in a credit card payment of $1,200 when he gets his statement,how much interest will he pay on the television for the month?

Accepted Answer

A) 18% 
B) 1.5% 
C) None,since he paid for the television in full during the grace period. 
D) None of the above answers is correct. 
A) 18% 
B) 1.5% 
C) None,since he paid for the television in full during the grace period. 
D) None of the above answers is correct.

Question 10

Leon is 28 years old and pays cash for everything he buys.He has never had credit in his name and never missed or been late on any bills he has ever had.He recently went online to check what his credit score was.Where do you think his credit score would be?

Accepted Answer

A) over 800 
B) between 700 and 799 
C) between 600 and 699 
D) None of the above 
A) over 800 
B) between 700 and 799 
C) between 600 and 699 
D) None of the above

Question 11

List five signs that you have the credit card habit.

Accepted Answer

- You only make the minimum payment each

Question 12

When you withdraw cash from an ATM using your credit card

Accepted Answer

A) you begin paying interest immediately. 
B) you are not charged any interest until after the date the payment is due. 
C) the interest fee is lower than that for purchases. 
D) you're using a relatively inexpensive way to borrow money. 
A) you begin paying interest immediately. 
B) you are not charged any interest until after the date the payment is due. 
C) the interest fee is lower than that for purchases. 
D) you're using a relatively inexpensive way to borrow money.

Question 13

Getting a credit card while a college student is an excellent idea because

Accepted Answer

A) it helps you learn about credit. 
B) you can shop online and make reservations. 
C) it works well for emergencies. 
D) when used correctly it allows you to build up a solid credit history. 
E) all of the above. 
A) it helps you learn about credit. 
B) you can shop online and make reservations. 
C) it works well for emergencies. 
D) when used correctly it allows you to build up a solid credit history. 
E) all of the above.

Question 14

Josh was sued by his former business partner.He lost the case and has to pay his former partner $10,000.He has not yet done so and is refusing to do so.Josh is applying for a mortgage for a new home.Should he be worried about the lawsuit impacting his mortgage application?

Accepted Answer

A) No,this kind of information is not contained on one's credit report. 
B) Absolutely,this kind of information is contained on one's credit report. 
A) No,this kind of information is not contained on one's credit report. 
B) Absolutely,this kind of information is contained on one's credit report.

Question 15

According to a Nellie Mae study,93 percent of graduate students would have liked more information on financial management topics before they started school and would like financial management education made available to them now.

Accepted Answer

A) True 
 B)False

Question 16

According to the Bankcard Holders Association of America,about 95 percent of all bank card issuers use the

Accepted Answer

A) adjusted balance method. 
B) previous balance method. 
C) average daily balance method. 
D) daily double balance method. 
A) adjusted balance method. 
B) previous balance method. 
C) average daily balance method. 
D) daily double balance method.

Question 17

Due to compounding frequency,the actual interest rate or APY you pay is higher than the advertised interest rate or APR.

Accepted Answer

A) True 
 B)False

Question 18

The ________ is the percentage of the credit card sale that the retailer owes to the credit card company.

Accepted Answer

A) retailer credit acceptance fee 
B) card usage allowance 
C) merchant's discount fee 
D) franchise fee 
A) retailer credit acceptance fee 
B) card usage allowance 
C) merchant's discount fee 
D) franchise fee

Question 19

The Credit Card Accountability,Responsibility,and Disclosure (CARD)Act established fee caps for cards.Card fees cannot total more than ________ of the initial credit limit.

Accepted Answer

A) 25 percent 
B) 40 percent 
C) 45 percent 
D) 60 percent 
A) 25 percent 
B) 40 percent 
C) 45 percent 
D) 60 percent

Question 20

Which of the following is not a typical potential problem that can occur in a credit bureau file?

Accepted Answer

A) You may be mixed up with someone else with a similar name. 
B) Accounts may be listed as still open that are actually closed. 
C) Accounts may be listed that you never had. 
D) The wrong credit bureau handles your case. 
E) A creditor may fail to report a payment or payments. 
A) You may be mixed up with someone else with a similar name. 
B) Accounts may be listed as still open that are actually closed. 
C) Accounts may be listed that you never had. 
D) The wrong credit bureau handles your case. 
E) A creditor may fail to report a payment or payments.

The dominate credit score is

Which of the following statements is most correct regarding a secured credit card?

More than ________ of the 25 biggest credit card issuers do not charge annual fees.

What is the APY on Bradley's default,or penalty,rate if it is compounded monthly?

What type of a credit card is issued in partnership with a specific charity or organization,such as Mothers Against Drunk Driving (MADD),the National Rifle Association (NRA),or a college or university?

The ________ provides a single location for financial protection and oversight-and its mandate is to help consumers make better decisions.

A company that gathers and sells consumers' financial history to creditors is a

Only Prestige or Premium credit cards offer a grace period.

If Monty buys a new television for $800 this month and sends in a credit card payment of $1,200 when he gets his statement,how much interest will he pay on the television for the month?

Leon is 28 years old and pays cash for everything he buys.He has never had credit in his name and never missed or been late on any bills he has ever had.He recently went online to check what his credit score was.Where do you think his credit score would be?

List five signs that you have the credit card habit.

When you withdraw cash from an ATM using your credit card

Getting a credit card while a college student is an excellent idea because

Josh was sued by his former business partner.He lost the case and has to pay his former partner $10,000.He has not yet done so and is refusing to do so.Josh is applying for a mortgage for a new home.Should he be worried about the lawsuit impacting his mortgage application?

According to a Nellie Mae study,93 percent of graduate students would have liked more information on financial management topics before they started school and would like financial management education made available to them now.

According to the Bankcard Holders Association of America,about 95 percent of all bank card issuers use the

Due to compounding frequency,the actual interest rate or APY you pay is higher than the advertised interest rate or APR.

The ________ is the percentage of the credit card sale that the retailer owes to the credit card company.

The Credit Card Accountability,Responsibility,and Disclosure (CARD)Act established fee caps for cards.Card fees cannot total more than ________ of the initial credit limit.

Which of the following is not a typical potential problem that can occur in a credit bureau file?

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Student and Consumer Loans: the Role of Planned Borrowing

The Home and Automobile Decision

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: an Easy Way to Diversify

Retirement Planning

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Eventsfitting the Pieces Together

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Exam 6: Using Credit Cards: the Role of Open Credit

The dominate credit score is

Which of the following statements is most correct regarding a secured credit card?

More than ________ of the 25 biggest credit card issuers do not charge annual fees.

What is the APY on Bradley's default,or penalty,rate if it is compounded monthly?

What type of a credit card is issued in partnership with a specific charity or organization,such as Mothers Against Drunk Driving (MADD),the National Rifle Association (NRA),or a college or university?

The ________ provides a single location for financial protection and oversight-and its mandate is to help consumers make better decisions.

A company that gathers and sells consumers' financial history to creditors is a

Only Prestige or Premium credit cards offer a grace period.

If Monty buys a new television for $800 this month and sends in a credit card payment of $1,200 when he gets his statement,how much interest will he pay on the television for the month?

Leon is 28 years old and pays cash for everything he buys.He has never had credit in his name and never missed or been late on any bills he has ever had.He recently went online to check what his credit score was.Where do you think his credit score would be?

List five signs that you have the credit card habit.

When you withdraw cash from an ATM using your credit card

Getting a credit card while a college student is an excellent idea because

Josh was sued by his former business partner.He lost the case and has to pay his former partner $10,000.He has not yet done so and is refusing to do so.Josh is applying for a mortgage for a new home.Should he be worried about the lawsuit impacting his mortgage application?

According to a Nellie Mae study,93 percent of graduate students would have liked more information on financial management topics before they started school and would like financial management education made available to them now.

According to the Bankcard Holders Association of America,about 95 percent of all bank card issuers use the

Due to compounding frequency,the actual interest rate or APY you pay is higher than the advertised interest rate or APR.

The ________ is the percentage of the credit card sale that the retailer owes to the credit card company.

The Credit Card Accountability,Responsibility,and Disclosure (CARD)Act established fee caps for cards.Card fees cannot total more than ________ of the initial credit limit.

Which of the following is not a typical potential problem that can occur in a credit bureau file?

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Student and Consumer Loans: the Role of Planned Borrowing

The Home and Automobile Decision

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: an Easy Way to Diversify

Retirement Planning

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Eventsfitting the Pieces Together

Filters