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