Evaluating Credit Question Preview (ID: 59360)


Personal Finance. TEACHERS: click here for quick copy question ID numbers.

Which of the following were the goals of TILA and the CARD Act?
a) protect borrowers from predatory acts by lenders
b) clarify the language used in applications
c) Both were goals
d)

How many days did TILA’s right of rescission allow for the voiding of certain loans?
a) 1
b) 2
c) 3
d) 4

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.

A credit score can range from 0-800.
a) True
b) False
c)
d)

Voiding a contract is called.
a) Open End Credit
b) Closed End Credit
c) ARM
d) Rescission

With an ARM the payment can go up and down depending on rates.
a) True
b) False
c)
d)

Type of loan where a consumer is given a set amount of money up front and must repay by a certain date.
a) Open End
b) Closed End
c) ARM
d)

A type of credit where the consumer is given a credit line and it can be used repeatedly until the maximum is reached.
a) Open End
b) Closed End
c) ARM
d)

Rewards are bonuses the card holder receives for using the card.
a) True
b) False
c)
d)

The amount of borrowed money that has not been repaid from one payment period to the next.
a) Blanance
b) Fees
c) Interest
d) Balance Carryover

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