A+ Answers Of The Following Questions


Question 1
APR means:
A. annual percentage rate.
B. actual percentage rate.
C. applied percentage rate.
D. all-banks percentage rate.

Question 2
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. Divorce
D. Purchasing a house with a mortgage

Question 3
The relationship between risk and return:
A. is inverse.
B. is negative.
C. has no correlation.
D. is positive.

Question 1
The following money market securities are insulated from credit risk with the exception of:
A. commercial paper.
B. treasury securities.
C. bank deposits.
D. CDs.

Question 2
The item that receives the most weight in the FICO credit scoring system is:
A. credit payment history.
B. credit utilization.
C. credit inquiries.
D. the amount of credit used each month.

Question 3
Which of the following is true with regards to rising interest rates?
A. Use long-term loans to take advantage of current low rates.
B. The term of the loan option is not impacted by rising interest rates.
C. Use short-term loans to take advantage of low interest rates.
D. Select long-term savings options to lock in current interest rates.

Question 1
Which of the following statements is NOT true regarding reviewing your credit report?
A. Will reveal deficiencies that you can work to eliminate that will improve your credit rating.
B. It will help determine if there are credit cards that you should apply for to improve your credit standing.
C. It will reveal the kind of information that lenders will consider when making a decision to extend credit.
D. You will be able to determine if any errors have been made so they can be corrected.

Question 2
Compute the new balance on a credit card assuming that:
Beginning balance = $450
Purchases during the month = $300
Payments made within the grace period = $250
Interest rate = 18%
A. $516
B. $550
C. $503
D. $1,000

Question 3
Identity thieves that obtain your information from the magnetic strip on your credit card are using a technique known as:
A. shoulder surfing.
B. dumpster diving.
C. pretexting.
D. skimming.

Question 1
Risk management of money market investments involves all of the following EXCEPT:
A. interest rate risk.
B. potential for default when backed by the federal government.
C. liquidity risk.
D. credit risk.

Question 2
The law that prohibits denying credit due to gender, age, race, natural origin, religion, or marital status is:
A. Equal Credit Opportunity Act.
B. Fair Treatment of Borrowers Act.
C. Fair Labor Standards Act.
D. the Fair Isaac Act.

Question 3
Some credit card companies will waive the annual fee on a credit card if:
A. you pay your bills in a timely manner.
B. you carry a large balance from month to month.
C. you use the card infrequently.
D. Credit card companies never waive annual fees.

Question 1
Credit cards have all of the following advantages EXCEPT:
A. itemized monthly statement.
B. they allow you to borrow cash interest free for 60 days.
C. obtain free financing until the bill is due.
D. make purchases without carrying cash.

Question 2
The Identity Theft and Assumption Deterrence Act has designated which federal agency as the central clearinghouse for all identity theft complaints?


Question 3
A one-year CD has a __________ return and __________ liquidity than a checking account.
A. lower; higher
B. lower; lower
C. higher; higher
D. higher; lower

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