POB 5.01 Review

The formula for calculating simple interest is:

A TV is bought December 31st. You have 30 days to pay. What day is payment due?

Making monthly payments at Rooms to Go. This is an example of:

A loan that will be paid back in 18 months at a set amount each month. What type of loan is it?

The form which a lender uses to obtain information about you is called a (n)?

What is included in the APR?

Juan needed some clothes. He shopped at Sears and was offered credit. This is an example of:

A bank corrects a mistake on your bank statement. The bank followed what law?

Which is NOT an advantage of businesses using credit?

A bank has a 36-month option for borrowing money to pay off debts. What type of credit is this?

Debt collectors cannot call debtors after 9:00 p.m. What regulation are debtors protected?

If you check your credit report to fix a mistake, this is your right because of what law?

A loan officer explained cost of credit and terms of the agreement. Which law applies here?

A VISA card is an example of which type of credit card?

Which is a DISADVANTAGE of a business employee overbuying using credit?

Which is NOT a practice instituted by the CARD Act?

Mary has interest in opening a retail store. What "C" of credit will she need to borrow money?

Payimg all your bills on time shows that you have good?

Al has a good credit score, good income, & capital. What law may the bank have violated?

Cost of credit refers to:

Which law says that the Credit Bureau must prove credit information they provide is accurate?

Some people must use this to reduce debt, but it harms your credit score for at least 7 years:

Who should you contact to receive information on actions to help manage debt?

If you lose your job during a loan process, you may get denied the loan because of lack of?