This essay FP120_r7week2quiz.doc has a total of 336 words and 3 pages.
1. Which of the following is an example of open-end credit?
a. An automobile loan
b. A department store credit card
c. A mortgage loan
d. Single lump-sum credit
2. Which of the following is an example of closed-end credit?
a. A mortgage loan
b. Overdraft protection
c. A bank line of credit
d. All of the above
3. Which of the following is NOT one of the Five Cís of credit?
4. What are some examples of this Five C: Conditions?
c. Credit rating
d. All of the above
5. Which of the following is the most effective way to improve your credit score?
a. Pay your bills on time.
b. Never exceed your credit limit.
c. Reduce your credit utilization rate.
d. Close your credit card accounts as soon as you pay them off.
6. When calculating the debt-to-equity ratio, the following is NOT included
a. Credit card balances
b. Open-end credit
c. Auto loan balances
d. Mortgage balances
7. Which of the following is NOT true about the Fair Credit Reporting Act?
a. It regulates the use of credit reports.
b. It requires deletion of out-of-date information.
c. It places limits on who can obtain our report.
d. It gives borrowers the right to know why they are denied credit.
8. All of the following are signs of financial trouble except:
a. You use savings to pay for necessities such as food and utilities.
b. You exceed the credit limits on your credit cards.
c. You pay your credit card bills in full each period.
d. The total balance on your credit cards increases each month.
9. Which of the following are examples of what the Fair Credit Billing Act does?
a. Corrects billing errors
b. Allows creditors 30 days to investigate a dispute
c. Requires deletion of out-of-date information
d. All of the above
10. Most information on your credit file can be reported for up to how many years?
a. Three years
b. Five years
c. Seven years
d. Ten years
Topics Related to FP120_r7week2quiz.doc
Credit, Personal finance, Credit card, Credit history, Credit score in the United States, Credit score, Fair Credit Reporting Act, Line of credit, Credit agreements in South Africa, Consumer Credit Act
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