PF 7.02: Question Preview (ID: 15292)

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An advantage of using credit is:
a) having to pay more for goods and services.
b) not having to carry cash when shopping.
c) running the risk of having goods repossessed.
d) the possibility of having credit cards stolen.

Which is MOST LIKELY purchased using a regular charge account?
a) Buying a new gas range for the kitchen
b) Buying new furniture for a bedroom
c) Paying for electrical power for the past month
d) Shopping for clothes in a retail department store

Which is an example of unsecured credit?
a) The borrower had to use his home ownership as collateral to buy the office building.
b) The borrower had could not get a loan because his credit ratings were poor.
c) The lender asked the borrower to find a person to cosign the loan.
d) The lender did not require collateral because the borrower had good credit reports.

Writing a check from an account when there are not enough funds to cover it can reflect poorly on one’s:
a) capacity
b) capital
c) character
d) conditions

Diner’s Club is an example of:
a) collection agencies.
b) consumer advocates.
c) credit card companies.
d) travel and entertainment cards.

Which is an example of a sub-prime, or non-preferred, lender?
a) Ellen obtained a payday loan by guaranteeing the loan with a personal check.
b) Frank secured a cash advance from his credit card company.
c) Greg obtained a loan from the credit union to repair his back porch.
d) Hannah borrowed money from a savings and loan association to buy land.

Before he signed the loan agreement, Jerry read the fine print and noticed that the agreement called for a balloon payment to retire the loan. What should he do?
a) Ask the lender to promise he will not expect this large payment at the end
b) Find out the amount of payment and what would happen if he were unable to pay
c) Go ahead and sign the agreement since a balloon payment is not a concern
d) Sign the agreement, then ask the lender to explain what a balloon payment is

Which is a sign of debt problems?
a) Mr. West opened a new credit account when he reached his limit on other accounts
b) Mrs. Young never uses her credit card to pay her monthly bills
c) Ms. Addison pays all of her bills on time each month
d) Ms. Dennis contacted Experian to obtain a copy of her credit report

Which is a strategy for getting out of debt?
a) Sean made an appointment with a credit counselor
b) Teresa reached the credit limit on her credit card
c) Vince moved to a new town to try to escape his creditors
d) Wanda uses her credit cards to pay her monthly bills

Rosie decided she had no choice but to file Chapter 13 bankruptcy. What can you conclude?
a) She did not have to have a plan for repayment
b) She did not have to take a personal finance course
c) She was able to keep most of her personal property
d) She was not required to have credit counseling

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