BUSN 380 DEVRY COMPLETE QUIZ PACKAGE
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Question 7. Question : (TCO 3) If a bank needs to examine the value of a specific asset when you are<br />
applying for a loan, this process refers to which aspect of the five Cs of lending?<br />
<br />
<br />
<br />
<br />
<br />
Character<br />
Capacity<br />
Collateral<br />
Capital<br />
Conditions<br />
Question 8. Question : (TCO 3) When reviewing your credit file, if you find that there is information that<br />
is incorrect, then<br />
<br />
<br />
<br />
<br />
<br />
there are legal remedies available to you.<br />
you have no legal remedies.<br />
credit bureaus are not required to change it.<br />
you can’t really do much about it.<br />
don’t worry much, because you will still get the credit.<br />
Question 9. Question : (TCO 3) All of the following reasons are reasonable situations when you would<br />
decide to use credit except<br />
<br />
<br />
<br />
<br />
borrowing for a stay in a hospital because of appendicitis.<br />
borrowing to pay for your expensive dinner and movie every week.<br />
borrowing to buy a printer for your home office now because you know it will be twice as<br />
expensive in 2 years.<br />
borrowing to purchase a car so that you can go to work full time.<br />
Question 10. Question : (TCO 3) Mary Jones has obtained a loan that must be paid over the next 12<br />
months and she will use this money for a vacation. What type of credit is being used?<br />
<br />
<br />
<br />
<br />
<br />
Installment sales credit<br />
Incremental credit<br />
Single lump sum credit<br />
Revolving credit<br />
Installment cash credit<br />
Question 11. Question : (TCO 3) By evaluating your credit options, you can do all of the following except<br />
<br />
<br />
<br />
<br />
<br />
reduce your finance charges.<br />
reconsider your decision to borrow money.<br />
discover a less expensive type of loan.<br />
find a lender that charges a lower rate.<br />
purchase goods and services without specific limitations.
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