BUSN 380 DEVRY WEEK 3 QUIZ LATEST

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?
$7.50
$9.00
$11.25
$13.25
$16.50
Question 16. Question : (TCO 3) Jerry Dean starts the month with a balance of $1,500 on his credit
card. On the 10th day of the month, he purchases $200 in clothes with his credit card. On the 15th day of
the month, he makes a payment on his 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. Jerry’s interest rate is 1.5% for the month. Jerry’s bank calculates the finance charge on the
credit card by using the previous balance method. What would Jerry’s finance charges be for the month?
$7.50
$13.25
$15.00
$22.50
$18.00
Question 17. Question : (TCO 3) If Jeff rushes to purchase a home by obtaining an interest-only loan,
and the reason why he wants a home is because he wants to have a house just like the one that his
parents had when he was a teenager, this is an example of which of the following?
Misunderstanding or lack of communication
The use of money to punish
Overindulgence of children
Keeping up with the Joneses
The expectation of instant comfort
Question 18. Question : (TCO 3) Steve has three children and has purchased each of them his or her
own TV that is placed in his or her respective room. Which reason for indebtedness is this an example of?