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POB 5.01 A
Test Description: POB 5.01
Instructions: Answer all questions to get your test result.
1) 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 3: loan for 24 months
B
Option 4: loan for 18 years
C
Option 1: loan for 6 months
D
Option 2: loan for 12 months
2) 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
Credit counseling
B
Bankruptcy
C
Credit repair
D
Debt repayment plan
3) 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
Credit counseling
B
Credit repair
C
Bankruptcy
D
Debt repayment plan
4) 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
Equal Credit Opportunity Act
B
Fair Credit Reporting Act
C
Consumer Credit Reporting Reform Act
D
Fair Debt Collections Act
5) JCPenney makes sure all applicants are creditworthy before issuing any of them credit cards. Which regulation is JCPenney adhering?
A
Fair Credit Billing Act
B
Consumer Credit Reporting Reform Act
C
Equal Credit Opportunity Act
D
Fair Credit Reporting Act
6) Mary paid only $50 for unauthorized charges made to her Capital One MasterCard. Which regulation protected her?
A
Truth-in-Lending Law
B
Fair Credit Reporting Act
C
Equal Credit Opportunity Act
D
Fair Credit Billing Act
7) Which is an example of content for a credit contract?
A
May 5th date of last transaction
B
June 5th due date for payment
C
Repair services fee may apply statement
D
$450 worth of merchandise transaction
8) Chase Mortgage Company sends quarterly summaries of transactions. Which type of document does the company send?
A
Personal credit application
B
Statement of account
C
Business credit application
D
Credit report
9) 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
Three C's of credit
B
Credit data
C
Credit bureau credit report
D
Credit application
10) 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
Statement of account
B
Credit contract
C
Credit report
D
Credit application
*select an answer for all questions
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