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Evaluating Credit
Test Description: Personal Finance
Instructions: Answer all questions to get your test result.
1) Which of the following were the goals of TILA and the CARD Act?
A
Both were goals
B
clarify the language used in applications
C
protect borrowers from predatory acts by lenders
2) How many days did TILA’s right of rescission allow for the voiding of certain loans?
A
1
B
2
C
4
D
3
3) What is the primary function of a credit card?
A
It allows a borrower to use funds from a financial institution and repay them later
B
It allows one financial institution to borrow money from another financial institution.
C
It minimizes the amount of debt that borrowers can accrue.
D
It allows a borrower to spend as much money as they desire. It allows a borrower to spend as much money as they desire.
4) A credit score can range from 0-800.
A
False
B
True
5) Voiding a contract is called.
A
Rescission
B
Closed End Credit
C
ARM
D
Open End Credit
6) With an ARM the payment can go up and down depending on rates.
A
False
B
True
7) Type of loan where a consumer is given a set amount of money up front and must repay by a certain date.
A
ARM
B
Open End
C
Closed End
8) A type of credit where the consumer is given a credit line and it can be used repeatedly until the maximum is reached.
A
Closed End
B
ARM
C
Open End
9) Rewards are bonuses the card holder receives for using the card.
A
True
B
False
10) The amount of borrowed money that has not been repaid from one payment period to the next.
A
Blanance
B
Balance Carryover
C
Fees
D
Interest
*select an answer for all questions
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