POB 5.01 A: Question Preview (ID: 9730)


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Tim has the option of borrowing $5,000 at a 3% interest rate from a local bank. Which loan option would allow Tim to pay the LEAST amount of money?
a) Option 1: loan for 6 months b) Option 2: loan for 12 months c) Option 4: loan for 18 years d) Option 3: loan for 24 months
Sky Blue Credit Repair Company assists clients with spending less on debt and eliminating credit problems. With which type of credit assistance does the company provide?
a) Bankruptcy b) Credit counseling c) Credit repair d) Debt repayment plan
After talking with a Sears customer representative about her overdue balance, Tina implemented a strategy that will minimize her debt. Tina used which type of credit assistance?
a) Bankruptcy b) Credit counseling c) Credit repair d) Debt repayment plan
Han sued a furniture store that verified it provided inaccurate information about his credit history. Which regulation would protect him in having the information corrected?
a) Consumer Credit Reporting Reform Act b) Equal Credit Opportunity Act c) Fair Credit Reporting Act d) Fair Debt Collections Act
JCPenney makes sure all applicants are creditworthy before issuing any of them credit cards. Which regulation is JCPenney adhering?
a) Consumer Credit Reporting Reform Act b) Equal Credit Opportunity Act c) Fair Credit Billing Act d) Fair Credit Reporting Act
Mary paid only $50 for unauthorized charges made to her Capital One MasterCard. Which regulation protected her?
a) Equal Credit Opportunity Act b) Fair Credit Billing Act c) Fair Credit Reporting Act d) Truth-in-Lending Law
Which is an example of content for a credit contract?
a) Repair services fee may apply statement b) June 5th due date for payment c) $450 worth of merchandise transaction d) May 5th date of last transaction
Chase Mortgage Company sends quarterly summaries of transactions. Which type of document does the company send?
a) Business credit application b) Credit report c) Personal credit application d) Statement of account
Capital Bank reported John has both saving and checking accounts with its financial institution. Which factor for granting credit related to documentation is the institution's act
a) Credit application b) Credit bureau credit report c) Credit data d) Three C's of credit
ABC Rental Company requires applicant to verify reputation for paying bills in order to determine potential credit risk. Which factor examined by creditors does the company require
a) Credit application b) Credit contract c) Credit report d) Statement of account
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