Personal Finance:
Problem 1. If you credit application is denied, you
a. are entitled to know the specific reason you were denied credit
b. can have the police send a detective to investigate the lender
c. don`t have any rights provided by law
d. can take your case to small claims court for a jury trial
Problem 2. If creditors give you no credit for payments made during the billing period, this is called the
a. discount method
b. previous balance method
c. adjusted balance method
d. average daily balance method
Problem 3. Peril is defined as
a. the refusal by an insurance company to pay for the covered loss
b. the cause of a possible loss
c. the cause of risk
d. an uncertainty as to loss
Problem 4. Which of the following may result in much of your personal financial information becoming part of the public record?
a. marriage
b. applying for financial aid at a college
c. purchasing a house with a mortgage
d. divorce
Problem 5. If a credit card has a provision allowing you to make purchases beyond the stated credit limit, it is referred to as
a. purchase protection plan
b. overdraft protection
c. grace period
d. opt out provision
Problem 6. The loan contract identifies all but which of the following?
a. credit score
b. amount of the loan
c. interest rate
d. loan repayment schedule