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Exam 6: Using Credit

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Question 21

True/False

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Unsecured lines of credit are easy to use and often use some form of collateral as default protection.

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Question 22

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Finance charges on two credit cards with the same stated APR

A) will always be the same.
B) by federal law must be calculated the same way.
C) will be determined by the type of credit card used.
D) will be determined by the method used to calculate balances.
E) none of these.

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Question 23

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INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. Select -A proper use of open account credit would be to buy a [food | washing machine].

____ does not represent a line of credit.

A Chapter 13 bankruptcy filing would result in the discharge of most of your debts.

Advantages of balance transfers can include lower interest rates and the convenience of consolidation.

Credit reports on individual borrowers are issued by credit unions reporting agencies.

Student credit cards typically require that one be enrolled in a 2- or 4-year college/university and

The most common method of computing finance charges on a credit card is the average daily balance method including new purchases.

Debit cards look like credit cards,but they work like checks.

Credit cards often have penalties for late payment and for exceeding credit limits.

A monthly credit card statement need not include information about the

If the information on your credit report is in dispute,you are entitled to

Personal insolvency can be legally satisfied by

The market value of your house is $175,000 and you have a first mortgage balance of $100,000.If a lender requires a 80% loan-to-market value ratio,how large could your home equity loan be?

The Wage Earner Planner requires debtors to give up most of their assets.

Which of the following household appliances could help you protect yourself against identity theft?

A debt safety ratio of 25% might be a signal of financial trouble ahead.

Most of the reduction in household indebtedness is due to

INSTRUCTIONS: Choose the word or phrase in [ ] which will correctly complete the statement. -A person who pays her credit balance off every month should look for a credit card with [a low interest rate | no annual fee].