Personal Finance Question Preview (ID: 47128)
Questions 40 - 59.
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The date on which a certificate of deposit is due is called the ____.
a) Redemption date
b) Beginning date
c) Maturity date
d) Ending date
The interest or money that is charged a borrower for the use of credit is the ____.
a) Finance charge
b) Collateral
c) Proration
d) All of these
The amount borrowed is known as the ____.
a) Credit
b) Interest
c) Capital
d) Principal
A very common source of cash loans is ____.
a) Private lenders
b) Pawnbrokers
c) Life insurance policies
d) Loan sharks
Since 1900, rates of interest on consumer loans have done which of the following?
a) Dropped
b) Risen
c) Remained constant
d) Gone up as demand for consumer loans has decreased
Which of the following is not an advantage of using credit?
a) It allows you to shop only at one store.
b) It is convenient.
c) It is safer than carrying large sums of cash.
d) It is useful in emergency situations.
Property you possess that is worth more than your debts is called ____.
a) Collateral
b) Capital
c) Principal
d) Interest
A loan for which the borrower pledges property to ensure repayment is a(n) ____.
a) Installment purchase agreement
b) Secured loan
c) Prorated loan
d) Contract
Credit that can be used again and again (as long as the balance owed does not exceed the limit) is called ____.
a) Installment
b) Open-ended
c) Closed-end
d) Contract
Which of the following is not an example of service credit?
a) Office visits to a doctor
b) Dry cleaning services
c) Hairdresser services
d) Repair services
At which of the following will you probably get the lowest rate of interest for a consumer loan?
a) Commercial bank
b) Finance company
c) Credit union
d) Pawnbroker
In case of error or inquiries about a bill, which of the following is true?
a) You should write a note on the bill.
b) You should not write on the bill.
c) You do not have to pay any part of the bill.
d) You must pay finance charges on any disputed amount that is discovered to be the store's error.
It is illegal to discriminate on the basis of which of the following in granting or denying credit?
a) Bank affiliations
b) Occupation
c) Type of residence
d) Marital status
Point systems can be based on all but which of the following personal factors?
a) Current employment
b) Amount of income
c) Sex
d) Amount of current debt
Under the Consumer Credit Protection Act, if you report your credit card lost or stolen, your liability is limited to ____.
a) $25
b) $50
c) $100
d) $200
Which of the following is not information that can be obtained through public records?
a) Marriage license applications
b) Bankruptcies
c) Lawsuits
d) Medical records
Paying your bills on the day due or a few days late will earn you what type of credit rating?
a) Excellent
b) Good
c) Fair
d) Poor
The financial ability to repay a loan with present income is ____.
a) Capital
b) Character
c) Capacity
d) Collateral
It is lawful for creditors to ask you for ____.
a) Your name
b) A list of assets
c) Your employment history
d) All of these
What legislation requires creditors to resolve billing errors within a specified period of time?
a) Fair Credit Reporting Act
b) Equal Credit Opportunity Act
c) Fair Credit Billing Act
d) Fair Debt Collection Practices Act
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