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Exam 5: Checking Accounts, Credit Scores, and Credit Cards

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Question 51

Multiple Choice

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The most widely used credit score is referred to as a

A) FICO score.
B) risk score.
C) payment score.
D) borrowing score.

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Question 52

Multiple Choice

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What should installment loan lenders disclose to credit applicants?

A) The interest rate expressed as an annual percentage rate (APR) , only.
B) The finance charge expressed in dollars, only.
C) The interest rate (as an APR) and the finance charge (in dollars) .
D) Neither the interest rate (as an APR) nor the finance charge (in dollars) .

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Question 53

Multiple Choice

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Which of the following is an individual, in addition to the borrower, who will be held responsible for repayment of the debt?

What input makes up the largest portion of your FICO score?

Your credit report may be viewed for what purpose?

What type of hybrid method immediately converts paper check payments at the point-of-sale terminal to an electronic form of payment?

Sachi borrowed $7,000 to purchase a used car. The total amount she will need to pay includes the $7,000 she borrowed, $2,400 interest, and $250 loan fees. What is the finance charge on Sachi's loan?

An example of installment credit includes

Which of the following is a national credit bureau?

Josiah owes $3,500 on his credit card with a minimum percentage of 3% or a minimum payment of $100, whichever is higher. How much is the minimum payment due?