Question 1

This Act protects the privacy and accuracy of information in a credit check.      Equal Opportunity Act   Truth in Leasing Act   Truth in Lending Act   Fair Credit Reporting Act

Accepted Answer

D

Question 2

Under this Act, you have the right to see the credit history maintained by a credit bureau about you (i.e. seeing your credit report), and under certain conditions they must provide you with a copy of your report free of charge.      Fair Credit Reporting Act   Truth in Leasing Act   Magnuson-Moss Warranty Act   Fair Maintenance of Credit Act

Accepted Answer

A

Question 3

This federal law governs consumer product warranties and requires that manufacturers and sellers of consumer products provide consumers with detailed information about warranty coverage.      Truth in Lending Act   Fair Credit Billing Act   Magnuson-Moss Warranty Act   Truth is Warranty Act

Accepted Answer

C

Question 4

This Act requires institutions disclose what credit will actually cost the consumer.      Truth in Lending Act   Fair Credit Reporting Act   Fair Credit Billing Act   Truth in Leasing Ac

Accepted Answer

A

Question 5

The Lemon Law is used to protect first time home buyers.      false   true

Accepted Answer

A

Question 6

The Lemon Law applies to the purchase of all automobiles.      false   true

Accepted Answer

A

Question 7

Purchases based on needs and/or wants represent:   When a consumer makes purchases based on their needs or wants they are:      being safe   staying informed   exercising choice   being heard

Accepted Answer

C

Question 8

The right to be heard insures consumers can communicate dissatisfactions.      false   true

Accepted Answer

B

Question 9

When consumers exercise their right to know the risks associated with a product\'s use before they purchase it, they are:      showing concern for safety   uninformed   exercising choice   being heard

Accepted Answer

A

Question 10

What options are there for a consumer who is still not satisfied after speaking with a store manager?      no options, that is the last resort   call the Better Business Bureau   take the business to small claims court   b and c

Accepted Answer

D

Question 11

The Lemon Law pertains to:      new cars and trucks   used cars and trucks   only vehicles purchased from the dealerships

Accepted Answer

A

Question 12

Under the Fair Credit Reporting Act, credit bureaus are required to report information accurately and to remove or correct information that is outdated or inaccurate.      True   False

Accepted Answer

A

Question 13

According to the Lemon Law, a defect can be any problem with the:      engine   transmission   brakes, steering   bad smells   all of the above

Accepted Answer

E

Question 14

The following are available for assistance with the Lemon Law:      consumer advocate groups   departments of your State Attorney General\'s office   legal aid   all of the above

Accepted Answer

D

Question 15

The right to____________ means the consumer will be protected from false and misleading advertising.      safety   be informed   choice   be heard

Accepted Answer

B

Question 16

Cash substitutes, such as credit cards or debit cards, are a safe alternative to carrying cash.      false   true

Accepted Answer

B

Question 17

A secured credit card is only issued to people who do not have a savings account.      false   true

Accepted Answer

A

Question 18

A debit card is a line of credit and interest may accrue if the monthly balance is not paid in full.      true   false

Accepted Answer

B

Question 19

Borrowed money of any kind usually involves interest charges.      false   true

Accepted Answer

B

Question 20

One of the disadvantages of using electronic money is it is possible to lose track of one\'s budget.      false   true

Accepted Answer

B

Question 21

The amount of interest you are charged yearly is called:      Compound Interest   Credit Rating   Annual Percentage Rate (APR)   Average Daily Balance Method

Accepted Answer

C

Question 22

Interest calculated not only on the original principal but also on the interest already accumulated is called:      Compound Interest   Credit Rating   Annual Percentage Rate (APR)   Average daily balance method

Accepted Answer

A

Question 23

The rating credit companies use to see if you are a good credit risk is called:      Compound Interest   The three C\'s (character, collateral, and capacity)

Accepted Answer

B

Question 24

An institution\'s evaluation of whether a person is suitable to receive credit is called:      Credit Rating   Compound Interest   The three C\'s (character, collateral, and capacity)   Personal profile

Accepted Answer

A

Question 25

The card company totals your balance each day during the billing period, adds these daily balances together and divides by the number of days in the billing period is called:      Compound Interest   Annual Percentage Rate (APR)   Average daily balance method   Complex daily total

Accepted Answer

C

Question 26

Which ELECTRONIC CARD cannot be used randomly at a variety of stores and for a variety of services?      multi-purpose credit cards   single purpose credit cards   secured credit cards   VISA cards

Accepted Answer

B

Question 27

Identity theft can occur in all of the following ways except:      theft of wallets that contain identification and credit card information   theft of mail, including new checks, bank and credit card statements, or tax information   shredding all documents that have personal information such as tax information, address, and account numbers

Accepted Answer

C

Question 28

The ______________card can be used anywhere.      multi-purpose credit   single purpose credit    debit   ATM

Accepted Answer

A

Question 29

__________ are used in place of writing checks. The amount you spend using this card will be deducted from your checking account.      Credit cards   Multi-purpose credit cards   Single purpose credit cards   Debit cards

Accepted Answer

D

Question 30

Which of the listed cards can be used in place of cash?      multiple purpose credit cards   single purpose credit cards   debit cards   ATM cards   all of the above

Accepted Answer

E

Question 31

Select an alternative to using credit.      You may choose not to buy.   You may pay with your savings.   You may postpone buying, save your money, and buy later with cash.   Any and/or all of the above.

Accepted Answer

D

Question 32

To earn a good credit rating, you should do all of the following EXCEPT:         Keep your own checking and savings account.   Pay bills after due date.   Pay bills before the due date.   Never give your credit card information or personal information to any unsolicited phone caller.

Accepted Answer

B

Question 33

Three of the four statements below represent your credit responsibilities. Select the one answer that does not represent your credit responsibilities.      Keep track of your spending so you know how much of your available credit you have used.   Pay off the entire credit balance each month.    Have the credit card bill sent to a temporary address.   Be alert to your total debt.

Accepted Answer

C

Question 34

To help prevent fraudulent use of your credit cards, ask the clerk to destroy carbons of receipts with your signature, and keep all your receipts in a safe place. Do not give your account number to unknown (unsolicited) callers.      true   false

Accepted Answer

A

Question 35

No more than 10% of your monthly income should go toward credit card payments.      false   true

Accepted Answer

B

Question 36

To whom should you report the loss or theft of your credit and ATM cards?      The card issuers within 24 hours of the loss or theft.   Report it to the bank with whom you have a checking account.   It is not necessary to report it because credit cards companies know via technology that a card is stolen.

Accepted Answer

A

Question 37

Your credit line is based on your monthly income, your current debt, and length of residence at your current address.      true   false

Accepted Answer

A

Question 38

A definite warning signal that indicates you are having serious credit management problems include:      Using one credit card to pay for another credit card.   Stalling one creditor to pay another.   Receiving past-due notices with billing statements.   Paying only the minimum each month.   All of the above.

Accepted Answer

E

Question 39

It is not necessary to read credit contracts and agreements before signing them because they all have the same terms.      false   true

Accepted Answer

A

Question 40

The more time you take to repay the money you borrow, the more interest you will pay.      false   true

Accepted Answer

B

Question 41

The money one makes is not necessarily the money one takes home. This income represents your salary before taxes are taken out of it.      W-2 form   FICA   Gross income   Net income   W-4 form

Accepted Answer

C

Question 42

Before an employer can deduct taxes from your paycheck this form must be filled out.      W-2 form   FICA   Gross Income   Net Income   W-4 form

Accepted Answer

E

Question 43

At the end of every year, before you can file your taxes, your employer must send you this form.      W-2 form   FICA   Gross income   Net income   W-4 form

Accepted Answer

A

Question 44

This is the income you receive after all the deductions have been taken from your paycheck.      W-2   FICA   Gross income   Net income   W-4 form

Accepted Answer

D

Question 45

A financial account that allows you to withdraw and deposit money using a check, debit card or ATM card is a _______ account.      cashier\'s   checking   traveler\'s   endorsement

Accepted Answer

B

Question 46

A type of check that has a bank\'s guarantee of payment is a      cashier\'s check.   money order.   endorsement check.   banking check.

Accepted Answer

A

Question 47

A tax levied on the working public to help support the medical expenses of people needing medical care is __________.      FICA tax   FDIC tax   Medicare tax   Federal Income Tax

Accepted Answer

C

Question 48

To reconcile a checking account, you have to make sure your check register and the bank\'s statement agree on how much is in the account.      false   true

Accepted Answer

B

Question 49

An \"outstanding\" check is a check that you have written and the check has cleared the bank and been returned to you.      false   true

Accepted Answer

A

Question 50

Choose the endorsement that is representative of the example:       Jilly Flower      134 263 894      blank endorsement   restrictive endorsement   special endorsement

Accepted Answer

A

Question 51

What type of deposit is illustrated below?     Pay to the order of    K.C. Thurman    Jilly Flower    134 263 894      restrictive endorsement   blank endorsement   special endorsement

Accepted Answer

C

Question 52

All banks offer the following service:      on-line checking   person to person tellers   phone checking   deposits and withdrawals

Accepted Answer

D

Question 53

One advantage to using your debit card is:      You don\'t have to subtract it from your checking account balance   It is safer than carrying cash   You can spend as much as you want   You can give your friend the PIN number in case you forget it.

Accepted Answer

B

Question 54

A check register allows you to:      keep track of the interest paid on your account   automatically record your debit card purchases   record the date and amount of each transaction you make every time you make one   automatically record your deposits

Accepted Answer

C

Question 55

The balance in your checkbook:      is only correct if your record all transactions made by you and your bank   never needs to be reconciled   is always mathematically correct   is not important

Accepted Answer

A

Question 56

One advantage of check writing is:      You have a written record of your payment   You can use it in ATM machines everywhere   You can get cash from ATM machines with it   You have to pay a fee for using it in an ATM machine

Accepted Answer

A

Question 57

When using a debit card:      There are always fees   Identification is always required.   You still need to carry a checkbook to record transactions   You are not personally liable for more than $50 if it is stolen

Accepted Answer

C

Question 58

An advantage of using a debit card is:      You can build up your credit   You don\'t have to record a transaction fee each time you use it to know your balance   If you buy defective goods you can get your money back because you used your debit card   You have a personal PIN number for added safety if the card is stolen

Accepted Answer

D

Question 59

When using debit cards always remember:      Money is available immediately after depositing it   If the card is lost or stolen and not insured by the FDIC your funds are not protected   There are never any annual or personal fees for using the card   Debit cards can be a way to learn to manage money if used responsibly.

Accepted Answer

D

Question 60

A credit report:      never needs to be verified   records only negative reports, late payments, overdrawn accounts, etc.   will not determine what kind of car you can drive and what you can buy.   determines your credit score, a summary of your past and current credit usage predicting your future credit performance.

Accepted Answer

D

Question 61

When buying recycled products look for:      the package made of plastic only   the highest recycled content   the most attractive package   the largest package

Accepted Answer

B

Question 62

Household hazardous wastes include all the following EXCEPT:      paints, oils, garden chemicals and aerosol cans   glue, grease, lighter fluid, and mothballs   prescription drugs, window cleaner, wood stains, and pool chemicals   baking soda, lemon oil, and borax

Accepted Answer

D

Question 63

Corrosive refers to products that eat away at materials. They include such solutions as:      ammonia   drain cleaners   oven cleaners   choice 2 and choice 3 only

Accepted Answer

D

Question 64

What common household product when mixed with bleach can produce dangerous chemical fumes?      ammonia   baking soda   dish soap   windshield washer fluid

Accepted Answer

A

Module 6 LMS Health Class – Flashcards

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