Question 1

When you use a credit card at a store,the store is generally charged a fee ranging from 1.5% to 5%.What is this fee called?

Accepted Answer

A) Merchant discount fee 
B) Merchant back-end charge 
C) Merchant rate 
D) Discount rate 
A) Merchant discount fee 
B) Merchant back-end charge 
C) Merchant rate 
D) Discount rate

Question 2

Briefly describe the three credit card users.

Accepted Answer

A credit user generally carries an unpai

Question 3

Which of the following is the best strategy for controlling and managing your credit cards and open debt?

Accepted Answer

A) Reduce your balance. 
B) Resolve billing errors. 
C) Protect against fraud. 
D) Look for trouble signs in credit card spending. 
E) All are good strategies. 
A) Reduce your balance. 
B) Resolve billing errors. 
C) Protect against fraud. 
D) Look for trouble signs in credit card spending. 
E) All are good strategies.

Question 4

Michael has a credit limit and a balance of $3,000 on his Visa card.His car broke down,he charged the $500 repairs to his Visa which he knows put him over his credit limit for the month.His payment is due on the 20th so he made sure that he had his $750 payment to the post office on the 20th.Most likely,what penalties or fees,if any,will he incur?

Accepted Answer

A) Only the penalty APR,depending on his credit card company. 
B) Only the over-the-limit fee. 
C) Only the late fee,since his payment will lower his balance below his credit limit. 
D) He will likely incur the penalty APR,as well as an over-the-limit fee and a late fee-because VISA has to receive his payment in its office by the 20th,not have it postmarked by the 20th. 
E) None of the above choices accurately describes the situation. 
A) Only the penalty APR,depending on his credit card company. 
B) Only the over-the-limit fee. 
C) Only the late fee,since his payment will lower his balance below his credit limit. 
D) He will likely incur the penalty APR,as well as an over-the-limit fee and a late fee-because VISA has to receive his payment in its office by the 20th,not have it postmarked by the 20th. 
E) None of the above choices accurately describes the situation.

Question 5

Compare and contrast the average,previous,and adjusted balance methods.

Accepted Answer

The average daily balance method calcula

Question 6

Which of the following are important to convenience users of credit cards?

Accepted Answer

A) Low annual fee 
B) Interest-free grace period 
C) Card benefits and perks 
D) Only A and B 
E) All of the above 
A) Low annual fee 
B) Interest-free grace period 
C) Card benefits and perks 
D) Only A and B 
E) All of the above

Question 7

Angela noticed a list of creditors at the bottom of her credit report.Some of the inquiries were voluntary and some were involuntary.What is the difference between the two?

Accepted Answer

A) Voluntary inquiries are due to your own credit requests;while involuntary inquiries are typically by creditors who seek to offer you a preapproved credit offer. 
B) Involuntary inquiries are due to your own credit requests;while voluntary inquiries are typically by creditors who seek to offer you a preapproved credit offer. 
A) Voluntary inquiries are due to your own credit requests;while involuntary inquiries are typically by creditors who seek to offer you a preapproved credit offer. 
B) Involuntary inquiries are due to your own credit requests;while voluntary inquiries are typically by creditors who seek to offer you a preapproved credit offer.

When you use a credit card at a store,the store is generally charged a fee ranging from 1.5% to 5%.What is this fee called?

Briefly describe the three credit card users.

Which of the following is the best strategy for controlling and managing your credit cards and open debt?

Compare and contrast the average,previous,and adjusted balance methods.

Which of the following are important to convenience users of credit cards?

Angela noticed a list of creditors at the bottom of her credit report.Some of the inquiries were voluntary and some were involuntary.What is the difference between the two?

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Student and Consumer Loans: the Role of Planned Borrowing

The Home and Automobile Decision

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: an Easy Way to Diversify

Retirement Planning

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Eventsfitting the Pieces Together

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Exam 6: Using Credit Cards: the Role of Open Credit

When you use a credit card at a store,the store is generally charged a fee ranging from 1.5% to 5%.What is this fee called?

Briefly describe the three credit card users.

Which of the following is the best strategy for controlling and managing your credit cards and open debt?

Compare and contrast the average,previous,and adjusted balance methods.

Which of the following are important to convenience users of credit cards?

Angela noticed a list of creditors at the bottom of her credit report.Some of the inquiries were voluntary and some were involuntary.What is the difference between the two?

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Student and Consumer Loans: the Role of Planned Borrowing

The Home and Automobile Decision

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: an Easy Way to Diversify

Retirement Planning

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Eventsfitting the Pieces Together

Filters