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BUSN 380 Week 3 Quiz Set 3
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BUSN 380 Week 3 Quiz Set 3

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1. _____ is a good example of a closed-end credit.

       A credit card issued by a department store

       A credit card issued by VISA or MasterCard

       A mortgage loan

       Using a cashier's check to pay for a purchase

       Using overdraft protection at a bank

 

 

Question 2. When obtaining open-end credit, you may see this being offered as

       installment credit.

       a box of credit.

       convenience credit.

       revolving credit.

       a single lump-sum credit.

 

 

Question 3. Which one of these agencies can provide a report about your past and present credit activity to a prospective creditor?

       The Federal Reserve Bank in your district

       The Audit Bureau of Circulation

       The Federal Trade Commission

       A debit bureau

       A credit bureau

 

 

Question 4. Dividing monthly debt payments (not including house payments) by net monthly income will allow you to calculate your _____.

       net-worth-to-debt ratio

       debt-payments-to-income ratio

       liability status

       credit capacity status

       income-to-liability ratio

 

 

Question 5. In determining your credit capacity, you first provide for basic necessities, such as

       furniture.

       home furnishings.

       mortgage or rent.

       automobiles.

       durable goods.

 

 

Question 6. Personal bankruptcy can be reported to credit bureaus for _____ years.

       5

       7

       10

       15

       25

 

 

Question 7. When a loan officer is examining your income and the amount of your existing debt payments in deciding whether to make a loan to you, which aspect of the five Cs of lending is the loan officer most likely looking at?

       Character

       Collateral

       Capital

       Capacity

       Conditions

 

 

Question 8. When a lender examines your job situation and the security of your employment, it is considering which area of lending?

       Capacity

       Character

       Capital

       Collateral

       Conditions

 

 

Question 9. 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.

       using a credit card to purchase an airline ticket to visit a sick relative.

 

 

Question 10. If Jack uses a Visa card to purchase a new digital camera, he would be using what type of credit?

       Installment sales credit

       Installment cash credit

       Single lump sum credit

       Revolving credit

       Incidental credit

 

 

Question 11. One of the following financing methods typically provides individuals with a float period. Which one of these methods has this as an option?

       Installment loan

       A loan from a relative

       Lump sum loan

       Home equity line of credit

       Credit card

 

 

Question 12. 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. One source of the most expensive loans is through

       parents.

       finance companies.

       banks.

       friends.

       credit unions.

 

 

Question 14. 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. If Tony Jones knows he can get a car loan for up to 5 years at a credit union but decides that he can easily repay the loan in 3 years, and therefore gets a 3-year loan, how is Tony reducing the lender's risk?

       He is sharing the interest rate risk with his lender.

       He is pledging valuable assets that can be seized if the loan is not repaid.

       He is repaying the loan over a faster period of time.

       He is taking a larger stake in the asset he is purchasing.

       He is obtaining the loan from the credit union.

 

 

Question 16. Sarah Russell starts the month with a balance of $1,000 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. Sarah's interest rate is 1.5% for the month. Sarah's bank calculates the finance charge on the credit card by using the average daily balance, excluding new purchases. What would Sarah's finance charges be for the month?

       $7.50

       $13.25

       $18.00

       $15.00

       $11.25

 

 

Question 17. 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. Over time, which method of payment is likely to be the least expensive?

       Bank credit card

       Check written on a home equity line of credit (HELOC)

       Store credit card

       Cash

       A title loan

 

 

Question 19. In terms of borrowing expenses, which of the following options would be relatively the cheapest?

       Car dealer

       Appliance store

       Department store

       Relative

       Finance company

 

 

Question 20. If Marjorie Wilcox borrows $200 for 1 year with an APR of 12% and an annual service fee of $10, what is her total cost of credit?  

       $10

       $12

       $24

       $34

       $42

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