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W!SE Financial Review Flashcards | StudBud
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W!SE Financial Review
W!SE Financial Review
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WISE Financial Literacy Review
Flashcards
14 cards
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Questions
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Answers
1
A credit card finance charge is:
The cost of items purchased
A service fee
The sales tax
The dollar amount it costs to use credit
2
Maxine has an auto loan that she has to pay in monthly payments over 5 years. This is a(n):
Balloon payment loan
Unsecured loan
Installment loan
Non-installment loan
3
Consumers who file for bankruptcy are still responsible for:
Credit card balances
Tax claims, child support and student loans
Mortgage loans
Car loans
4
Redlining is characterized by a lender who denies a loan:
Because of a customer's age
To customers applying for a loan over a certain amount
Based on a customer's ability to repay
To customers living in a certain geographic area
5
What is meant by an uncollateralized loan?
A home equity loan
A loan backed by a co-signer
A loan without assets to cover the amount of the loan
A loan taken on an insurance policy
6
When a person declares bankruptcy, that fact will appear on a person's credit report ____.
for a 10 year period
for a 3 year period
until the person repays all their debts owed
until the person can receive a new credit card
7
When a person brings in an item to a pawnshop to obtain cash, the transaction is considered __.
an unsecured loan
a collateralized loan
a custodial payment
a sales agreement
8
A savings account earns the greatest amount of money when the interest is compounded ____ .
yearly
quarterly
daily
monthly
9
To qualify for a Federal Housing Administration (FHA) loan, a person must generally _________.
fulfill income guidelines
provide 2 individuals to co-sign
have a high school deploma
have 1/4 of the cost of the home for down-payment
10
Which of the following would likely lead to an increase in the interest rate on a credit card?
Number of purchases
Total amount charged
Number of cash advances
Late payments
11
Which of the following lenders charge the highest interest rate?
Bank
Credit Union
Pawn shop
Finance Company
12
Victims of predatory lending are typically:
Customers with a good credit history
Borrowers from wealthy communities
The elderly and customers with poor credit history
Customers who are financially literate
13
Collateral is:
A form of credit
An item of value used to secure a loan to protect the lender
Required for all loans
Something that explains your net worth
14
Which is considered to be open-end (or revolving) credit?
A Car Loan
Installment Loan
A Mortgage
Department Store Charge Card
