Question 1

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

Accepted Answer

A) 36% 
B) 36.99% 
C) 42.58% 
D) 48.66% 
A) 36% 
B) 36.99% 
C) 42.58% 
D) 48.66%

Question 2

What is the current APY on this credit card if it is compounded monthly?

Accepted Answer

A) 21 percent 
B) 22.99 percent 
C) 23.14 percent 
D) 24 percent 
A) 21 percent 
B) 22.99 percent 
C) 23.14 percent 
D) 24 percent

Question 3

Changes to your credit card policies and rates are usually announced via "________";which are notices enclosed with your bill.

Accepted Answer

A) bill addendums 
B) policy wards 
C) bill stuffers 
D) regal notices 
A) bill addendums 
B) policy wards 
C) bill stuffers 
D) regal notices

Question 4

Crystal tried to use her Macy's credit card at Target but was unsuccessful because her Macy's credit card is a single-purpose card and can only be used at Macy's.

Accepted Answer

A) True 
 B)False

Question 5

If you credit card APR is 20% compounded monthly and you carry a balance your effective rate will be

Accepted Answer

A) 22.74%. 
B) 21.25%. 
C) 24.27%. 
D) 21.94%. 
A) 22.74%. 
B) 21.25%. 
C) 24.27%. 
D) 21.94%.

Question 6

If you have a 750 credit score and can obtain a 4.053%APR you would pay $________ than someone with a 650 score and a 4.874% APR on a $300,000 30 year fixed mortgage?

Accepted Answer

A) $174 less 
B) $146 less 
C) $174 more 
D) $146 more 
A) $174 less 
B) $146 less 
C) $174 more 
D) $146 more

Question 7

What is Bradley's minimum payment?

Accepted Answer

A) $158 
B) $189 
C) $270 
D) $1,890 
A) $158 
B) $189 
C) $270 
D) $1,890

Question 8

If you carry a balance on your card and have an 18.5% APR compounded monthly,your actual rate will be

Accepted Answer

A) 19.5%. 
B) 18.5%. 
C) 20.15%. 
D) 22.25%. 
A) 19.5%. 
B) 18.5%. 
C) 20.15%. 
D) 22.25%.

Question 9

One factor a convenience user might be interested in is

Accepted Answer

A) APR. 
B) frequent flier miles. 
C) issuing bank's location. 
D) compounding interest schedule. 
A) APR. 
B) frequent flier miles. 
C) issuing bank's location. 
D) compounding interest schedule.

Question 10

If you are a convenience user an important factor in choosing a credit card should be

Accepted Answer

A) interest -free grace period. 
B) issuing bank's location. 
C) credit limit. 
D) APR. 
A) interest -free grace period. 
B) issuing bank's location. 
C) credit limit. 
D) APR.

Question 11

Jessica always thought the grace-period feature of her credit card was a wonderful idea because her charges were interest-free during the grace period.After taking Dr.Art Keown's personal finance course,she learned this startling truth about grace periods.

Accepted Answer

A) Grace periods are actually beneficial to the credit card company. 
B) There are higher fees associated with grace periods. 
C) Most banks eliminate their grace period on new purchases if you don't pay your balance in full. 
D) All credit cards carry a grace period. 
A) Grace periods are actually beneficial to the credit card company. 
B) There are higher fees associated with grace periods. 
C) Most banks eliminate their grace period on new purchases if you don't pay your balance in full. 
D) All credit cards carry a grace period.

Question 12

Only a Credit Repair company can remove inaccurate data from your credit report.

Accepted Answer

A) True 
 B)False

Question 13

________ occurs when someone,without your knowledge or consent,uses your name,address,Social Security number,bank or credit card account number,or other identifying information to commit fraud or other crimes.

Accepted Answer

A) Phishing 
B) Dumpster diving 
C) Identity theft 
D) Data breach 
A) Phishing 
B) Dumpster diving 
C) Identity theft 
D) Data breach

Question 14

Which of the following is an advantage of credit cards?

Accepted Answer

A) They make it easy to lose control of spending. 
B) In general they are an expensive way to borrow money. 
C) They allow the consumer the ability to rent cars and make online reservations. 
D) Using them means you will have less spendable money in the future. 
A) They make it easy to lose control of spending. 
B) In general they are an expensive way to borrow money. 
C) They allow the consumer the ability to rent cars and make online reservations. 
D) Using them means you will have less spendable money in the future.

Question 15

List four ways to avoid credit card fraud.

Accepted Answer

1.Save all your credit card receipts and

Question 16

If Bradley buys a new game console for $560 this month and sends in a credit card payment of $950 when he gets his statement,how much interest will he pay on the game console for the month?

Accepted Answer

A) 21 percent 
B) 1.75 percent 
C) 3 percent 
D) None,since he paid for the game console in full during the grace period. 
A) 21 percent 
B) 1.75 percent 
C) 3 percent 
D) None,since he paid for the game console in full during the grace period.

Question 17

Credit cards issued in conjunction with particular charities or organizations,like the Sierra Club or the Humane Society,that send a portion of their annual fee or percentage of their purchases back to the sponsoring organization are known as

Accepted Answer

A) premium cards. 
B) prestige cards. 
C) affinity cards. 
D) secured credit cards. 
A) premium cards. 
B) prestige cards. 
C) affinity cards. 
D) secured credit cards.

Question 18

One of the following lists constitutes the five Cs of credit.Select the correct one.

Accepted Answer

A) Character,capacity,capital,collateral,characteristics 
B) Character,capacity,capital,collateral,co-insurance 
C) Character,capacity,capital,collateral,careful 
D) Character,capacity,capital,collateral,conditions 
E) Character,capacity,capital,collateral,credence 
A) Character,capacity,capital,collateral,characteristics 
B) Character,capacity,capital,collateral,co-insurance 
C) Character,capacity,capital,collateral,careful 
D) Character,capacity,capital,collateral,conditions 
E) Character,capacity,capital,collateral,credence

Question 19

Susan is not married and a female.Which of the following Consumer Credit Laws prohibits credit discrimination on the basis of her status?

Accepted Answer

A) The Truth in Lending Act 
B) The Fair Debt Collections Practices Act 
C) The Equal Opportunity Act 
D) The Fair Billing Act 
A) The Truth in Lending Act 
B) The Fair Debt Collections Practices Act 
C) The Equal Opportunity Act 
D) The Fair Billing Act

Question 20

Your credit score is possibly the most important number that affects your life.How does your credit score affect you?

Accepted Answer

Your credit score is used by potential c

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

What is the current APY on this credit card if it is compounded monthly?

Changes to your credit card policies and rates are usually announced via "________";which are notices enclosed with your bill.

Crystal tried to use her Macy's credit card at Target but was unsuccessful because her Macy's credit card is a single-purpose card and can only be used at Macy's.

If you credit card APR is 20% compounded monthly and you carry a balance your effective rate will be

If you have a 750 credit score and can obtain a 4.053%APR you would pay $________ than someone with a 650 score and a 4.874% APR on a $300,000 30 year fixed mortgage?

What is Bradley's minimum payment?

If you carry a balance on your card and have an 18.5% APR compounded monthly,your actual rate will be

One factor a convenience user might be interested in is

If you are a convenience user an important factor in choosing a credit card should be

Jessica always thought the grace-period feature of her credit card was a wonderful idea because her charges were interest-free during the grace period.After taking Dr.Art Keown's personal finance course,she learned this startling truth about grace periods.

Only a Credit Repair company can remove inaccurate data from your credit report.

________ occurs when someone,without your knowledge or consent,uses your name,address,Social Security number,bank or credit card account number,or other identifying information to commit fraud or other crimes.

Which of the following is an advantage of credit cards?

List four ways to avoid credit card fraud.

If Bradley buys a new game console for $560 this month and sends in a credit card payment of $950 when he gets his statement,how much interest will he pay on the game console for the month?

Credit cards issued in conjunction with particular charities or organizations,like the Sierra Club or the Humane Society,that send a portion of their annual fee or percentage of their purchases back to the sponsoring organization are known as

One of the following lists constitutes the five Cs of credit.Select the correct one.

Susan is not married and a female.Which of the following Consumer Credit Laws prohibits credit discrimination on the basis of her status?

Your credit score is possibly the most important number that affects your life.How does your credit score affect you?

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

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

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

What is the current APY on this credit card if it is compounded monthly?

Changes to your credit card policies and rates are usually announced via "________";which are notices enclosed with your bill.

Crystal tried to use her Macy's credit card at Target but was unsuccessful because her Macy's credit card is a single-purpose card and can only be used at Macy's.

If you credit card APR is 20% compounded monthly and you carry a balance your effective rate will be

If you have a 750 credit score and can obtain a 4.053%APR you would pay $________ than someone with a 650 score and a 4.874% APR on a $300,000 30 year fixed mortgage?

What is Bradley's minimum payment?

If you carry a balance on your card and have an 18.5% APR compounded monthly,your actual rate will be

One factor a convenience user might be interested in is

If you are a convenience user an important factor in choosing a credit card should be

Jessica always thought the grace-period feature of her credit card was a wonderful idea because her charges were interest-free during the grace period.After taking Dr.Art Keown's personal finance course,she learned this startling truth about grace periods.

Only a Credit Repair company can remove inaccurate data from your credit report.

________ occurs when someone,without your knowledge or consent,uses your name,address,Social Security number,bank or credit card account number,or other identifying information to commit fraud or other crimes.

Which of the following is an advantage of credit cards?

List four ways to avoid credit card fraud.

If Bradley buys a new game console for $560 this month and sends in a credit card payment of $950 when he gets his statement,how much interest will he pay on the game console for the month?

Credit cards issued in conjunction with particular charities or organizations,like the Sierra Club or the Humane Society,that send a portion of their annual fee or percentage of their purchases back to the sponsoring organization are known as

One of the following lists constitutes the five Cs of credit.Select the correct one.

Susan is not married and a female.Which of the following Consumer Credit Laws prohibits credit discrimination on the basis of her status?

Your credit score is possibly the most important number that affects your life.How does your credit score affect you?

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