1 year ago


automobiles. durable

automobiles. durable goods. Question 6. Question : (TCO 3) If you ask to review your file within _____ days of being notified of a denial based upon a credit report, the credit bureau cannot charge you a disclosure fee. 10 60 30 40 20 Question 7. Question : (TCO 3) If a bank needs to examine the value of a specific asset when you are applying for a loan, this process refers to which aspect of the five Cs of lending? Character Capacity Collateral Capital Conditions Question 8. Question : (TCO 3) When reviewing your credit file, if you find that there is information that is incorrect, then there are legal remedies available to you. you have no legal remedies. credit bureaus are not required to change it. you can’t really do much about it. don’t worry much, because you will still get the credit. Question 9. Question : (TCO 3) All of the following reasons are reasonable situations when you would decide to use credit except borrowing for a stay in a hospital because of appendicitis. borrowing to pay for your expensive dinner and movie every week. borrowing to buy a printer for your home office now because you know it will be twice as expensive in 2 years. borrowing to purchase a car so that you can go to work full time. Question 10. Question : (TCO 3) Mary Jones has obtained a loan that must be paid over the next 12 months and she will use this money for a vacation. What type of credit is being used? Installment sales credit Incremental credit Single lump sum credit Revolving credit

Installment cash credit Question 11. Question : (TCO 3) By evaluating your credit options, you can do all of the following except reduce your finance charges. reconsider your decision to borrow money. discover a less expensive type of loan. find a lender that charges a lower rate. purchase goods and services without specific limitations. Question 12. Question : (TCO 3) While collateralized loans may provide lower interest rates, these loans have a disadvantage because the loan must be repaid in a short period of time. you ruin your credit rating. the loan is difficult to obtain. commercial banks do not make such loans. the assets used as collateral are tied up until the loan has been repaid. Question 13. Question : (TCO 3) Referring to trends in credit union membership, it can be observed that membership has been restricted by the Tax Reform Act of 1986. declining gradually. static. growing steadily. restricted by state laws. Question 14. Question : (TCO 3) Which one of the following is a signal of a potential debt problem? Paying the maximum balance due each month Borrowing money to pay old debts Using savings to pay for major purchases Receiving notice of prompt payment from creditors Occasionally working overtime and moonlighting Question 15. Question : (TCO 3) Allison Smith starts the month with a balance of $1,100 on her credit card. On the 10th day of the month, she purchases $200 in clothes with her credit card. On the 15th day of the month, she makes a payment on her credit card of $500. The average daily balance for the month including the new purchase is $883. The average daily balance for the month excluding the new purchase is $750. Allison’s interest rate is 1.5% for the month. Allison’s bank calculates the finance charge on the credit card by using the adjusted balance method. What would Allison’s finance charges be for the month?

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