Question 1

A lender can legally discriminate in granting credit based on

Accepted Answer

A) age. 
B) credit history. 
C) marital status. 
D) gender. 
A) age. 
B) credit history. 
C) marital status. 
D) gender.

Question 2

The information about you contained in credit bureau files is one of the most important aspects of your financial life.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following can be obtained using credit?

Accepted Answer

A) Goods 
B) Services 
C) Money 
D) All of these 
A) Goods 
B) Services 
C) Money 
D) All of these

Question 4

Credit cannot be used to own expensive products sooner.

Accepted Answer

A) True 
 B)False

Question 5

The contract for a credit card account is called the

Accepted Answer

A) promissory note. 
B) credit agreement. 
C) credit application. 
D) credit report. 
A) promissory note. 
B) credit agreement. 
C) credit application. 
D) credit report.

Question 6

Under a tiered pricing system,creditors charge lower interest rates to lower-risk borrowers.

Accepted Answer

A) True 
 B)False

Question 7

Bankruptcy

Accepted Answer

A) is a constitutionally guaranteed right. 
B) is available in two forms: Chapter 13 and Chapter 7. 
C) permits people to ask a court to find them officially unable to meet their debts. 
D) (All of these) 
A) is a constitutionally guaranteed right. 
B) is available in two forms: Chapter 13 and Chapter 7. 
C) permits people to ask a court to find them officially unable to meet their debts. 
D) (All of these)

Question 8

Credit scores can dictate whether you will be granted credit and at what interest rates.

Accepted Answer

A) True 
 B)False

Question 9

If your total debts exceed 33 percent of your net worth (equity) you are seriously overindebted.

Accepted Answer

A) True 
 B)False

Question 10

The only truly free way to obtain your credit reports is through annualcreditreport.com.

Accepted Answer

A) True 
 B)False

Question 11

A debt-to-equity method provides a quick idea of one's financial solvency.The larger the ratio,the riskier the likelihood of repayment.A ratio in excess of 0.25 is considered high.

Accepted Answer

A) True 
 B)False

Question 12

The value of an asset less the amount owed on a debt used to buy the asset is your stake in the asset.

Accepted Answer

A) True 
 B)False

Question 13

You can instruct a credit bureau to not release your credit report to anyone without your permission by requesting a credit card block.

Accepted Answer

A) True 
 B)False

Question 14

It is illegal for a creditor to charge different interest rates to different borrowers.

Accepted Answer

A) True 
 B)False

Question 15

A ____ on your credit report tells the credit bureau not to release your financial records to anyone without your consent.

Accepted Answer

A) fraud alert 
B) credit report freeze 
C) consumer statement 
D) card verification code 
A) fraud alert 
B) credit report freeze 
C) consumer statement 
D) card verification code

Question 16

To protect your credit card privacy,which of the following is recommended?

Accepted Answer

A) Review your credit bureau report at least once a year. 
B) Cancel all credit card accounts. 
C) Write your driver's license number on charge slips. 
D) All of these. 
A) Review your credit bureau report at least once a year. 
B) Cancel all credit card accounts. 
C) Write your driver's license number on charge slips. 
D) All of these.

Question 17

When debts were accumulated in both names,divorce decrees have a legal effect on who technically owes which debts.

Accepted Answer

A) True 
 B)False

Question 18

The following is a sign of overindebtedness:

Accepted Answer

A) Remaining under the maximum approved credit limits on your credit cards 
B) Requesting new credit cards and increases in credit limits 
C) Paying the full balance on your credit card each month 
D) Paying insurance premiums, taxes, or other large, predictable bills by payroll deduction 
A) Remaining under the maximum approved credit limits on your credit cards 
B) Requesting new credit cards and increases in credit limits 
C) Paying the full balance on your credit card each month 
D) Paying insurance premiums, taxes, or other large, predictable bills by payroll deduction

Question 19

The APR can be used to compare credit contracts with different time periods,finance charges,repayment schedules,and amounts borrowed.

Accepted Answer

A) True 
 B)False

Question 20

Who should set your debt limit?

Accepted Answer

A) You 
B) The lender 
C) The credit bureau 
D) FICO 
A) You 
B) The lender 
C) The credit bureau 
D) FICO

A lender can legally discriminate in granting credit based on

The information about you contained in credit bureau files is one of the most important aspects of your financial life.

Which of the following can be obtained using credit?

Credit cannot be used to own expensive products sooner.

The contract for a credit card account is called the

Under a tiered pricing system,creditors charge lower interest rates to lower-risk borrowers.

Bankruptcy

Credit scores can dictate whether you will be granted credit and at what interest rates.

If your total debts exceed 33 percent of your net worth (equity) you are seriously overindebted.

The only truly free way to obtain your credit reports is through annualcreditreport.com.

A debt-to-equity method provides a quick idea of one's financial solvency.The larger the ratio,the riskier the likelihood of repayment.A ratio in excess of 0.25 is considered high.

The value of an asset less the amount owed on a debt used to buy the asset is your stake in the asset.

You can instruct a credit bureau to not release your credit report to anyone without your permission by requesting a credit card block.

It is illegal for a creditor to charge different interest rates to different borrowers.

A ____ on your credit report tells the credit bureau not to release your financial records to anyone without your consent.

To protect your credit card privacy,which of the following is recommended?

When debts were accumulated in both names,divorce decrees have a legal effect on who technically owes which debts.

The following is a sign of overindebtedness:

The APR can be used to compare credit contracts with different time periods,finance charges,repayment schedules,and amounts borrowed.

Who should set your debt limit?

Understanding Personal Finance

Career Planning

Financial Statements,tools,and Budgets

Managing Income Taxes

Managing Checking and Savings Accounts

Credit Cards and Consumer Loans

Vehicles and Other Major Purchases

Obtaining Affordable Housing

Managing Property and Liability Risk

Managing Health Expenses

Life Insurance Planning

Investment Fundamentals

Investing in Stocks and Bonds

Mutual Funds and Exchange Traded Funds

Real Estate and High-Risk Investments

Retirement and Estate Planning

Filters

Exam 6: Building and Maintaining Good Credit

A lender can legally discriminate in granting credit based on

The information about you contained in credit bureau files is one of the most important aspects of your financial life.

Which of the following can be obtained using credit?

Credit cannot be used to own expensive products sooner.

The contract for a credit card account is called the

Under a tiered pricing system,creditors charge lower interest rates to lower-risk borrowers.

Bankruptcy

Credit scores can dictate whether you will be granted credit and at what interest rates.

If your total debts exceed 33 percent of your net worth (equity) you are seriously overindebted.

The only truly free way to obtain your credit reports is through annualcreditreport.com.

A debt-to-equity method provides a quick idea of one's financial solvency.The larger the ratio,the riskier the likelihood of repayment.A ratio in excess of 0.25 is considered high.

The value of an asset less the amount owed on a debt used to buy the asset is your stake in the asset.

You can instruct a credit bureau to not release your credit report to anyone without your permission by requesting a credit card block.

It is illegal for a creditor to charge different interest rates to different borrowers.

A ____ on your credit report tells the credit bureau not to release your financial records to anyone without your consent.

To protect your credit card privacy,which of the following is recommended?

When debts were accumulated in both names,divorce decrees have a legal effect on who technically owes which debts.

The following is a sign of overindebtedness:

The APR can be used to compare credit contracts with different time periods,finance charges,repayment schedules,and amounts borrowed.

Who should set your debt limit?

Understanding Personal Finance

Career Planning

Financial Statements,tools,and Budgets

Managing Income Taxes

Managing Checking and Savings Accounts

Credit Cards and Consumer Loans

Vehicles and Other Major Purchases

Obtaining Affordable Housing

Managing Property and Liability Risk

Managing Health Expenses

Life Insurance Planning

Investment Fundamentals

Investing in Stocks and Bonds

Mutual Funds and Exchange Traded Funds

Real Estate and High-Risk Investments

Retirement and Estate Planning

Filters