health questions. please help?
1. Cash substitutes, such as credit cards or debit cards, are a safe alternative to carrying cash. (4.0 points)
A. false
B. true
2. A secured credit card is only issued to people who do not have a savings account. (4.0 points)
A. false
B. true
3. A charge card is a line of credit and interest may accrue if the monthly balance is not paid in full. (4.0 points)
A. true
B. false
4. Borrowed money of any kind usually involves interest charges. (4.0 points)
A. false
B. true
5. One of the disadvantages of using electronic money is it is possible to lose track of one’s budget. (4.0 points)
A. false
B. true
6. The amount of interest you are charged yearly is called: (4.0 points)
A. Compound Interest
B. Credit Rating
C. Annual Percentage Rate (APR)
D. Average Daily Balance Method
7. Interest calculated not only on the original principle but also on the interest already accured (accumulated) is called: (4.0 points)
A. Compound Interest
B. Credit Rating
C. Annual Percentage Rate (APR)
D. Average daily balance method
8. The rating credit companies use to see if you are a good credit risk is called: (4.0 points)
A. Compound Interest
B. The three C’s (character, collateral, and capacity)
9. An institution’s evaluation of whether a person is suitable to receive credit is called: (4.0 points)
A. Credit Rating
B. Compound Interest
C. The three C’s (character, collateral, and capacity)
D. Personal profile
10. 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: (4.0 points)
A. Compound Interest
B. Annual Percentage Rate (APR)
C. Average daily balance method
D. Complex daily total
11. Which ELECTRONIC CARD cannot be used randomly at a variety of stores and for a variety of services? (4.0 points)
A. multi-purpose credit cards
B. single purpose credit cards
C. secured credit cards
D. VISA cards
12. identity theft can occur in all of the following ways except: (4.0 points)
A. theft of wallets that contain identification and credit card information
B. theft of mail, including new checks, bank and credit card statements, or tax information
C. shredding all documents that have personal information such as tax information, address, and account numbers
13. The ______________card can be used anywhere. The slogan, “It’s everywhere you want to be.” applies to this card. (4.0 points)
A. multi-purpose credit
B. single purpose credit
C. debit
D. ATM
14. __________ are used in place of writing checks. The amount you spend using this card will be deducted from your checking account. (4.0 points)
A. Credit cards
B. Multi-purpose credit cards
C. Single purpose credit cards
D. Debit cards
15. Which of the listed cards can be used in place of cash? (4.0 points)
A. multiple purpose credit cards
B. single purpose credit cards
C. debit cards
D. ATM cards
E. all of the above
16. Select an alternative to using credit. (4.0 points)
A. You may choose not to buy.
B. You may pay with your savings.
C. You may postpone buying, save your money, and buy later with cash.
D. Any and/or all of the above.
17. To earn a good credit rating, you should do all of the following EXCEPT:
(4.0 points)
A. Keep your own checking and savings account.
B. Pay bills after due date.
C. Pay bills before the due date.
D. Never give your credit card information or personal information to any unsolicited phone caller.
18. Three of the four statements below represent your credit responsibilities. Select the one answer that does not represent your credit responsibilities. (4.0 points)
A. Keep track of your spending so you know how much of your available credit you have used.
B. Pay off the entire credit balance each month.
C. Have the credit card bill sent to a temporary address.
D. Be alert to your total debt.
19. 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. (4.0 points)
Answer True False
20. No more than 15- 20 % of your monthly income should go toward credit card payments. (4.0 points)
A. false
B. true
21. To whom should you report the loss or theft of your credit and ATM cards? (4.0 points)
A. The card issuers within 24 hours of the loss or theft.
B. Report it to the bank with whom you have a checking account.
C. It is not necessary to report it because credit cards companies know via technology that a card is stolen.
22. Your credit line is based on your monthly income, your current debt, and length of residence at your current address. (4.0
Suzy Granato
1 True
2 False
3 True
4 True
5 True
6 C. Annual Percentage Rate (APR)
7 A. Compound Interest
8 Should be credit score
9 ?
10 C. Average daily balance method
11 B. single purpose credit cards
12 C. shredding all documents that have personal information such as tax information, address, and account numbers
13 A. multi-purpose credit
14 D. Debit cards
15 E. all of the above
16 D. Any and/or all of the above.
17 B. Pay bills after due date.
18 C. Have the credit card bill sent to a temporary address. ??????
19 True
20 True
21 A. The card issuers within 24 hours of the loss or theft.
22 True