Exam 2: Managing Your Financial Resources - Assessing,Managing and Securing Your Credit

Which of the following is not an element of a credit report?

Your house is worth $278 000 and you have a first mortgage of $190000.You are also using the house to secure a personal loan for $8500.How large a home equity line of credit can you qualify for?

A house was purchased for $300 000 and has a market value of $325000 and a mortgage of $213000.The equity in this house is

Which of the following is the most serious threat from identity theft?

Using email messages from a supposedly legitimate source to obtain account information for the purpose of identity theft is referred to as

The greatest benefit of student loans is that the interest is tax deductible.

The credit bureaus will have approximately the same score for each individual in their records.

Which of the following is a typical example of an instalment loan?

Posing as an employee of a financial institution to obtain information for purposes of identity theft is an example of pretexting.

Which of the following statements is true regarding a review of your credit agency report?

If a credit card company has a 30-day billing period,20-day grace period and an interest rate of 20 percent,how much interest will be charged on a $5000 average monthly balance which gets paid 40 days after the due date using the average daily balance method?

Making extra payments on a loan

In evaluating a borrower's creditworthiness,income and expenses are carefully reviewed,but assets are not relevant.

Your credit report indicates your spouse's personal information.

Incorporating the use of credit into your financial plan requires understanding the correct use of different types of loans.Compare and contrast the positive and negative effects that credit cards and personal,home equity,and student loans may have on the success and failure of your financial plan.

Identity theft is only conducted by individuals who do not have legitimate access to your information.

Discuss six of the choices to be made when making a decision between leasing and buying a car with a personal loan.

If you receive a phone call that seeks to verify or update personal information,you should