Personal Finance 1
Which of the following is considered to be open-end credit?
What is Department store charge cards
What is meant by an uncollateralized loan?
What is A personal loan without assets to cover the loan amount
The term used to describe the ease and speed with which you can convert savings or an investment to cash is
What is liquidity
Which of the following does the Federal Reserve use to regulate the nation's money supply?
What is monetary policy
Which of the following provides an increase in assets or wealth
What is having capital gains
A credit card finance charge is
What is the dollar amount it costs to use credit
When a person brings an item to a pawnshop to obtain cash, the transaction is considered
What is a collateralized loan
Which financial product typically pays the highest rate of interest
What is certificate of deposit
Jami lost her debit card. She did not report it missing for 3 months. If an unauthorized person used her debit card, her maximum liability is
What is unlimited liability
When money is not used and goods and services are exchanged for other goods and services, this system is called
What is a Barter
Most of the adverse information on a credit report appears for years
Which of the following is the federal law that requires the cost of credit be disclosed to consumers in bold print on loan agreement?
What is Truth in lending Act
What action should a person take who must make a tuition payment at the end of August each year?
What is decide how much money will be needed and then place 1/12 of that amount in a separate account each month
Which of the following statements is usually true about individuals who are financially literate?
What is they understand the basics of personal finance and money management
A man budgeted $200 month for clothing. This month the man spent $150 on clothing therefore that budget item is considered to have
What is a budget variance
When a person declares bankruptcy that fact will appear on the person's credit report for
What is 10 years
A person is convinced that a lending institution is charging too much interest for a loan. This person should be aware that
What is there are state usury laws
A person is depositing $20 in cash and a check for $50. On the checking account deposit slip, the person should
What is list the cash deposit separately from the check as well as the total of the deposit
One of the benefits of holding an investment for over a year rather than selling it in less than a year is that the
What is Capital gains on the investment will be taxed at a lower rate
A person's debt ratio show the relationship between debt and net worth. The lower the ratio
What is the better off financially the person is
Claire got a new credit card from American Bank and wants to cancel her USA credit card. The best method is to dispose of her USA credit card is to
What is Cut up the card, put parts in different garbage bags, and instruct the credit card company in writing or by phone to close the account
If a person makes a deposit of $10,000 or more into a bank account, the bank must notify the
What is the US Treasury Department
To qualify for a Federal Housing Administration (FHA) loan, a person must generally
What is fulfill income guidelines
A person has three credit cards with very large outstanding balances and is unable to make payments on any of them. Which action should they take?
What is Notify the credit card companies in order to negotiate a new payment plan
A person complains about how expensive it is to be a cigarette smoker. One of the reasons cigarettes are so expensive is that
What is the government imposes an excise tax on them