Question 1

If you default on your automobile loan,

Accepted Answer

A)  an advance notice to you is required before your car is repossessed. 
B)  no advance notice is required before repossession. 
C)  the federal consumer credit laws give you protection. 
D)  you don't have to pay the full balance due on the loan. 
E)  the creditor pays the towing and storage costs. 
A)  an advance notice to you is required before your car is repossessed. 
B)  no advance notice is required before repossession. 
C)  the federal consumer credit laws give you protection. 
D)  you don't have to pay the full balance due on the loan. 
E)  the creditor pays the towing and storage costs.

Question 2

In regards bankruptcy and insolvency, briefly define a consumer proposal. Who is eligible for this type of insolvency protection application?

Accepted Answer

A consumer proposal is a maximum five-ye

Question 3

Creditors use the same system to calculate the balance on which they assess finance charges.

Accepted Answer

A) True 
 B)False

Question 4

Most borrowers should buy credit life insurance.

Accepted Answer

A) True 
 B)False

Question 5

The consumer proposal is a maximum five-year plan for paying creditors all or apportion of the total debt owed.

Accepted Answer

A) True 
 B)False

Question 6

If creditors add finance charges after subtracting payments made during the billing period, this is called the previous balance method.

Accepted Answer

A) True 
 B)False

Question 7

Obtaining credit may be easier for people who file a consumer proposal rather than a bankruptcy.

Accepted Answer

A) True 
 B)False

Question 8

The consumer credit laws require that an advance notice be given before repossessing a car.

Accepted Answer

A) True 
 B)False

Question 9

Credit card co-branding has become popular with banks and industries.

Accepted Answer

A) True 
 B)False

Question 10

Governmental non-profit counseling services are usually free or at low cost.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following are signs of debt problems?

Accepted Answer

A)  continually go over your spending limit 
B)  use credit cards as a necessity rather than as a convenience 
C)  always borrowing money to make it from one payday to the next 
D)  you pay only interest or service charges monthly and do not reduce your total debt 
E)  all these statements are signs of debt problems. 
A)  continually go over your spending limit 
B)  use credit cards as a necessity rather than as a convenience 
C)  always borrowing money to make it from one payday to the next 
D)  you pay only interest or service charges monthly and do not reduce your total debt 
E)  all these statements are signs of debt problems.

Question 12

You may be able to borrow at a lower interest rate if you accept a shorter-term loan.

Accepted Answer

A) True 
 B)False

Question 13

The best way to pay off credit is to follow the minimum payment amount stated on your bill.

Accepted Answer

A) True 
 B)False

Question 14

Anyone overburdened by credit obligations can phone, write, or visit a credit counsellor.

Accepted Answer

A) True 
 B)False

Question 15

By evaluating your credit options, you can

Accepted Answer

A)  reduce your finance charges. 
B)  reconsider your decision to borrow money. 
C)  discover a less expensive type of loan. 
D)  find a lender that charges a lower rate. 
E)  reduce your finance charges, reconsider your decision to borrow money, discover a less expensive type of loan, and find a lender that charges a lower rate. 
A)  reduce your finance charges. 
B)  reconsider your decision to borrow money. 
C)  discover a less expensive type of loan. 
D)  find a lender that charges a lower rate. 
E)  reduce your finance charges, reconsider your decision to borrow money, discover a less expensive type of loan, and find a lender that charges a lower rate.

Question 16

Consolidation loans

Accepted Answer

A)  have the advantage of a single interest rate on the full amount of your selected debts 
B)  usually have shorter terms than your initial debts 
C)  usually have lower interest rates because you are considered to be a lower risk for the lender 
D)  are best used for low or no interest debts 
E)  usually pay less overall when you extend the term of payment 
A)  have the advantage of a single interest rate on the full amount of your selected debts 
B)  usually have shorter terms than your initial debts 
C)  usually have lower interest rates because you are considered to be a lower risk for the lender 
D)  are best used for low or no interest debts 
E)  usually pay less overall when you extend the term of payment

Question 17

By evaluating your credit options, you can reduce your finance charges.

Accepted Answer

A) True 
 B)False

Question 18

Which of the following tend to be expensive loans?

Accepted Answer

A)  retailers 
B)  banks 
C)  credit unions 
D)  family members 
E)  trust companies 
A)  retailers 
B)  banks 
C)  credit unions 
D)  family members 
E)  trust companies

Question 19

The disadvantage of using an interest only line of credit is the considerably longer time it takes to repay the loan in comparison to a traditional consumer installment loan.

Accepted Answer

A) True 
 B)False

Question 20

After you have selected a product, you should buy it immediately before the store runs out of it.

Accepted Answer

A) True 
 B)False

If you default on your automobile loan,

In regards bankruptcy and insolvency, briefly define a consumer proposal. Who is eligible for this type of insolvency protection application?

Creditors use the same system to calculate the balance on which they assess finance charges.

Most borrowers should buy credit life insurance.

The consumer proposal is a maximum five-year plan for paying creditors all or apportion of the total debt owed.

If creditors add finance charges after subtracting payments made during the billing period, this is called the previous balance method.

Obtaining credit may be easier for people who file a consumer proposal rather than a bankruptcy.

The consumer credit laws require that an advance notice be given before repossessing a car.

Credit card co-branding has become popular with banks and industries.

Governmental non-profit counseling services are usually free or at low cost.

Which of the following are signs of debt problems?

You may be able to borrow at a lower interest rate if you accept a shorter-term loan.

The best way to pay off credit is to follow the minimum payment amount stated on your bill.

Anyone overburdened by credit obligations can phone, write, or visit a credit counsellor.

By evaluating your credit options, you can

Consolidation loans

By evaluating your credit options, you can reduce your finance charges.

Which of the following tend to be expensive loans?

The disadvantage of using an interest only line of credit is the considerably longer time it takes to repay the loan in comparison to a traditional consumer installment loan.

After you have selected a product, you should buy it immediately before the store runs out of it.

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

The Banking Services of Financial Institutions

Introduction to Consumer Credit

The Finances of Housing

Home and Automobile Insurance

Life, Health, and Disability Insurance

Fundamentals of Investing

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Retirement Planning

Estate Planning

Filters

Exam 6: Choosing a Source Credit: the Costs of Credit Alternatives

If you default on your automobile loan,

In regards bankruptcy and insolvency, briefly define a consumer proposal. Who is eligible for this type of insolvency protection application?

Creditors use the same system to calculate the balance on which they assess finance charges.

Most borrowers should buy credit life insurance.

The consumer proposal is a maximum five-year plan for paying creditors all or apportion of the total debt owed.

If creditors add finance charges after subtracting payments made during the billing period, this is called the previous balance method.

Obtaining credit may be easier for people who file a consumer proposal rather than a bankruptcy.

The consumer credit laws require that an advance notice be given before repossessing a car.

Credit card co-branding has become popular with banks and industries.

Governmental non-profit counseling services are usually free or at low cost.

Which of the following are signs of debt problems?

You may be able to borrow at a lower interest rate if you accept a shorter-term loan.

The best way to pay off credit is to follow the minimum payment amount stated on your bill.

Anyone overburdened by credit obligations can phone, write, or visit a credit counsellor.

By evaluating your credit options, you can

Consolidation loans

By evaluating your credit options, you can reduce your finance charges.

Which of the following tend to be expensive loans?

The disadvantage of using an interest only line of credit is the considerably longer time it takes to repay the loan in comparison to a traditional consumer installment loan.

After you have selected a product, you should buy it immediately before the store runs out of it.

Personal Financial Planning: An Introduction

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

The Banking Services of Financial Institutions

Introduction to Consumer Credit

The Finances of Housing

Home and Automobile Insurance

Life, Health, and Disability Insurance

Fundamentals of Investing

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Retirement Planning

Estate Planning

Filters