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Quiz

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1. A home equity line is a/an ___________ form of credit:

Unsecured/closed-end
Secured/open-end
Unsecured open-end


2. Which of the following is true about general purpose credit cards?

They can be used at department stores, gas stations, and restaurants
The balance must be repaid in full by the due date
They are secured by a cash deposit


3. When considering you for a line of credit, the financial institution will assess:

Your past payment history
Where you live
The number of people in your household


4. When shopping for credit, it is a good idea to look for a card with:

A short grace period
A high APR
No application fee


5. One of the recommended methods to use credit wisely is:

Limiting the number of accounts you have
Never using credit cards
Borrowing no more than $5,000 at a time


6. If you do not pay the balance on a cosigned account, the cosigner is responsible for ___ of the debt:

Zero percent
50 percent
100 percent


7. A good debt repayment strategy is to:

Get a car title loan
Not pay for six months, then ask for a settlement
Pay more than the minimum required payment


8. Using home equity to repay debt can be a good option if:

You regularly spend more than you earn
You do not get into debt again
The lender offers it as a solution to your debt problems


9. Which law limits your liability for a lost or stolen credit card to $50 if you notify the card issuer within 30 days?:

FDCPA
FCBA
Credit CARD Act


10. Most creditors cannot take any of your wages, money, or property unless they have:

First won a legal judgment
Notified you that they intend to sue
Proof that you committed fraud

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