Question 1

Installment cash credit is a:

Accepted Answer

A)  loan that must be repaid in total on a specified day.
B)  direct loan of money for personal purposes.
C)  loan that allows the consumer to receive merchandise, such as a refrigerator.
D)  down payment made on a purchase.
E)  synonym for single lump-sum credit.F) C) and E)
G) B) and D)

Question 2

Which of the following federal consumer credit laws requires creditors to promptly credit customers' accounts and to return overpayments if requested?

Accepted Answer

A)  Fair Credit Reporting Act
B)  Truth in Lending Act
C)  Equal Credit Opportunity Act
D)  Fair Credit Billing Act
E)  Consumer Credit Reporting Reform ActF) B) and D)
G) B) and E)

Question 3

Closed-end credit is used for a specific purpose and involves a specified amount.

Accepted Answer

A) True 
 B)False

Question 4

According to a recent survey,what percent of U.S.households carry one or more credit cards?

Accepted Answer

A)  40
B)  60
C)  65
D)  70
E)  90F) A) and B)
G) A) and D)

Question 5

In the 5 Cs of credit,conditions refers to general economic conditions that can affect your ability to repay a loan.

Accepted Answer

A) True 
 B)False

Exam 6: Introduction to Consumer Credit

Closed-end credit is used for a specific purpose and involves a specified amount.

Correct Answer
verified

Which of the following federal consumer credit laws requires creditors to promptly credit customers' accounts and to return overpayments if requested?

Correct Answer
verified

Installment cash credit is a:

Correct Answer
verified

In the 5 Cs of credit,conditions refers to general economic conditions that can affect your ability to repay a loan.

Correct Answer
verified

According to a recent survey,what percent of U.S.households carry one or more credit cards?

Correct Answer
verified

Exam 6: Introduction to Consumer Credit

Closed-end credit is used for a specific purpose and involves a specified amount.

Correct AnswerverifiedShow Answer

Which of the following federal consumer credit laws requires creditors to promptly credit customers' accounts and to return overpayments if requested?

Correct AnswerverifiedShow Answer

Installment cash credit is a:

Correct AnswerverifiedShow Answer

In the 5 Cs of credit,conditions refers to general economic conditions that can affect your ability to repay a loan.

Correct AnswerverifiedShow Answer

According to a recent survey,what percent of U.S.households carry one or more credit cards?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified