FCS 323 - Family and Individual Money Management » Spring 2022 » Chapters 6 and 7 Quiz
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Question #1
A borrower who has failed to make a payment of principal or interest when due or meet any other requirement of a credit agreement is said to be in
A.
foreclosure
B.
rescission
C.
default
D.
arrears
Question #2
"Gold," "silver," or "platinum" cards are all examples of _____________ cards.
A.
Affinity
B.
Revolving
C.
Prestige
D.
Travel and entertainment
Question #3
You might find yourself obligated to pay an entire debt in full if you miss several payments because of the ____________________ clause found in most installment loan contracts.
A.
Acceleration
B.
Lien
C.
Mortgage
D.
Cosigner
Question #4
Consumer credit can take the form of a loan that is repaid in ______ payments over a ________ period of time.
A.
variable; variable
B.
increasing; set
C.
decreasing; variable
D.
equal; set
Question #5
A factor in the development of a credit score is
A.
amounts owed
B.
all of these
C.
types of credit you use
D.
payment history
Question #6
Under the concept of ________________, lenders may offer lower interest rates to applicants with the highest credit scores while charging higher rates to more-risky applicants.
A.
tiered pricing
B.
credit
C.
default
D.
introductory period
Question #7
Under the Fair Credit Reporting Act, the law requires
A.
investigation of disputed information
B.
all of these
C.
accurate, relevant, and recent information
D.
access to the information in your credit file
Question #8
Negative credit information (excluding bankruptcy) can generally be included on a credit file for ___________ years.
A.
three
B.
ten
C.
five
D.
seven
Question #9
Refinancing a loan for more money than was originally owed is called a(n)
A.
accelerated loan
B.
garnishment
C.
add-on loan
D.
discount loan
Question #10
The method of paying off a loan through which a portion of each payment goes to the principal and a portion of each payment goes to the interest with the interest portion declining and the principal portion increasing as the debt is paid down is called
A.
acceleration
B.
garnishment
C.
leasing
D.
amortization
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