PSYCH 101, Summer 2015
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1) Which of the following is an example of open-end credit?
a. An automobile loan
b. A department store credit card
c. A mortgage loan
d. Single lump-sum credit
2) Which of the following is NOT one of the Five C’s of credit?
a. Capacity
b. Collateral
c. Conditions
d. Credit
3) Which of the following is NOT a credit bureau?
a. Equifax
b. Experian
c. Fair Isaac Corporation (FICO)
d. TransUnion
4) FICO scores range from:
a. 100 to 1000
b. 201 to 770
c. 501-990
d. 350 to 850
5) If you can prove a creditor has discriminated against you for any reason prohibited by this Act, you can sue for actual damages plus punitive damages, up to $10,000.
a. Fair Credit Billing Act
b. Truth in Lending Act
c. Equal Credit Opportunity Act
d. Credit Card Accountability Responsibility and Disclosure Act
6) Which of the following is often the first sign of a stolen identity?
a. You receive bills for a credit card you never opened.
b. You see charges to your account for items you purchased.
c. You receive a duplicate credit card from your credit card company.
d. All of these are typical signs of a stolen identity.
7) Personal bankruptcy can be filed under which section(s) of the U.S. bankruptcy code?
a. Chapter 7
b. Chapter 11
c. Chapter 13
d. Chapters 7 and 13
e. Chapters 11 and 13
8) All of the following are signs of financial trouble except:
a. You use savings to pay for necessities such as food and utilities.
b. You exceed the credit limits on your credit cards.
c. You pay your credit card bills in full each period.
d. The total balance on your credit cards increases each month.
9) The Rule of 72 is:
a. A tool to determine the number of years until retirement for an employee
b. Used to estimate how long it takes for prices to double using a given annual inflation rate
c. The legal code for requiring companies to provide a match on retirement savings
d. Used to calculate interest rates for savings
10) Short-term goals are:
a. Goals to be attained within a year or so
b. Contain college plans for children
c. Creating an estate plan
d. Making a big purchase
[Solved] PSYCH 101, Summer 2015
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- Submitted On 07 Mar, 2016 07:41:32
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