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Question 1.The purpose of an automobile service contract is to:

Question 2.In a Chapter 7 bankruptcy, debtor:

Question 3.Jerry Allison starts the month with a balance on his credit card of $1,000. On the 10th

day of the month, he purchases $200 in clothes with his credit card. On the 15th

day of the month he makes a payment on his credit card of $500. The bank charges 1.5 percent interest per month using the previous balance method. What would Jerry’s finance charges be for the month?

Question 4.A disadvantage of leasing an automobile would be the:

Question 5.Brian Williams has a piece of paper that he gives to the cashier when he purchases a particular item that allows him to get a dollar off the cost of that item. What is he most likely using?

Question 6.In recent years, membership in credit unions has:

Question 7.Which form of bankruptcy allows a debtor with a regular income to extinguish his or her debts from future earnings or other property over a period of time?

Question 8.The major service offered by investment companies is:

Question 9.This morning, you received a phone call regarding a debt you allegedly owe. If you dispute this debt, you must write to the debt collector and request verification of the obligation. How many days do you have to send this letter?

Question 10.An advantage credit unions may have over other financial institutions is:

Question 11.By evaluating your credit options, you may:

Question 12.Private label products are those that:

Question 13.The baby boom generation currently represents about 30 percent of the population but holds nearly ____________ percent of the debt outstanding.

Question 14.Which organization specializes in the testing of products for electrical and fire safety?

Question 15.If creditors give you no credit for payments made during the billing period, this is called the:

Question 16.Tim Gleason has set up a legal agreement that allows the First State Bank of Orlando to manage funds set aside for his daughter’s college education. What type of financial service is Tim using?

Question 17.Which interest formula may be used by creditors to determine how much interest you have paid at any point in a loan?

Question 18.The storage of funds for future use is a purpose of ____________ services.

Question 19.A few months ago, you sent a certified letter to a debt collector and requested verification of a debt the collector says you owe. You know the letter was received by the collector but you have received no response to your request. Today, you received a letter threatening court action. What should you do?

Question 20.David Wynn gets a personal loan from his credit union for $1,000. David will make monthly payments $85.15 over the next year to repay the loan. What type of financial service is David using?

 

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