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[answered] Make Up Exam II- Maximum points 43/50 1. Lenders will revie

Make Up Exam II- Maximum points 43/50

1.???????? Lenders will review the Four Cs to determine whether you are a good credit risk. Which of the following refers to property or assets offered to secure the loan?

a.???????? Capacity

b.???????? Collateral

c.???????? Capital

d.???????? Character

2.???????? You must be careful of rent-to-own services, payday loans, and refund anticipation loans because they often cost more than an installment loan.

a.???????? True

b.???????? False

3.???????? Which of the following must be included in the Truth in Lending Disclosure? Select all that apply.

a.???????? _____ Amount financed

b.???????? _____ APR

c.???????? _____ Finance charge

d.???????? _____ Total payments

e.???????? _____ All of the above

4.???????? The three main types of loans are:

a.???????? Consumer installment loans

b.???????? Credit cards

c.???????? Home loans

d.???????? All of the above

5.???????? Why is credit important?

a.???????? It allows you to make a large purchase, such as a car or house and pay for it over time

b.???????? It can be useful in times of emergencies

c.???????? It is more convenient and safer than carrying large amounts of cash

d.???????? All of the above

True or false

1. ??????? T ???????? F ???????? A variable rate is an interest rate that may not change during the loan term.

2.???????? T ???????? F????????? The cost of your loan expressed as a yearly percentage rate is called the Annual Percentage Rate.

3.???????? T ???????? F????????? Your credit score is a full history of information within a consumer?s credit file at the credit reporting agencies.

4.?? ????? T ???????? F? ??????? A numerical estimation of the likelihood that the consumer will meet his or her debt obligation(s) is referred to as a credit score.

5.? ?????? T?? ?????? F????????? Annual fee is a fee, charged annually, for the privilege of using a credit card.

Multiple Choice

1.? What is the difference between a debit card and credit card?

When you use a credit card the money comes directly from your checking account, but with a debit card you can pay later

When you use a debit card the money comes directly from your checking account, but with a credit card you can pay later

c. ?Carrying a balance on a debit card usually means you pay some interest

d. ?Credit cards are linked to your checking or savings account

2. ??????? What are some important factors to look for and compare when shopping for a credit card?

a. Annual percentage rate

b. Grace period

c. Fees

d. Method for calculating interest

e. All of the above

3.???????? Lenders will review the Four Cs to determine whether you are a good credit risk. Which of the following refers to the value of your assets and your net worth?

a. Capacity

b. Capital

c. Character

d. Collateral

4.???????? If your credit card is lost or stolen you should immediately call the credit card company or card issuer.

a. True

b. False

5.???????? Select all that apply. What can you do to manage your credit responsibly?

Pay your monthly bill on time or contact your creditor immediately if you cannot pay

Try to pay more than the minimum monthly payment

Use credit to purchase items you want but do not have the cash for

d. Verify the charges listed on your monthly statement and correct any errors right away

6.???????? How can you reduce the interest you pay on a credit card and the time to pay off the debt?

Failing to make the minimum payment

Pay more than the minimum payment

Pay the minimum payment

Pay off the balance in full each month

e.?? ???? b and d?????

7. ??????? When you want to apply for a credit card, you should:

a.???????? Apply for the first offer you receive or find

b.???????? Apply for retail store cards only

c.???????? Compare several cards and choose the one that seems best for you

d.???????? Apply for credit cards with the lowest introductory rates

Mod 7 Outside Activity

Explain your outside project and why you chose this project.? What was the best part of the project?? You must think of one thing you would change about your project.? What would that change be and why?

Short Answer:

What is an I 9 form?

?List the sources of income for the federal government?

Multiple Choice

3. ??????? Which of the following purchases is not taxed beyond a standard sales tax?

??????????? a.???????? Gasoline

??????????? b.???????? Food

??????????? c.? ?????? Airplane tickets

??????????? d.???????? Purchasing an SUV

4.???????? Which of the statements below is TRUE about filing your taxes, assuming your only income ??????????? comes from the salary you earn at BigTech Company?


a. You need to file your tax return by the end of the calendar year (typically December 31st)


b. You must file your tax return by April 15th of the following year, or request an extension by that date


5.???????? You are starting your first job and you are asked to complete some paperwork on your first day. Which form will determine how much money is withheld from your paycheck for federal and state income taxes?

??????????? a. W-2

??????????? b. W-4

??????????? c. 1040EZ

??????????? d. 1040

6. ??????? Which of the following is NOT a way to file your taxes?

a. Filing a paper copy

b. Using tax software

c. Using your stockbroker

d. Using professional tax preparers

7. ??????? What tax form am I? I am received in January. There is one of me for every job that you work. You can tell how much you earned and how much you paid in taxes by reading me.

a. 1040

b. 1040EZ

c. W-2

d. W-4

8.???????? Which of the statements below about this W-4 are TRUE?

??????????? T ???????? F????????? Mr. Khan filed as a single person

T ???????? F????????? By claiming 3 allowances, Mr. Khan will have less tax taken out of each paycheck than if he claimed just 1 allowance

T ???????? F????????? Mr. Khan did not request any additional amount be withheld from his paycheck

??????????? T ???????? F????????? It is illegal to claim 3 allowances if you are single

9. Question #2 of 2. How frequently is this employee paid?

a.???????? Weekly

b.???????? Every other week

c.???????? Daily

d.???????? Monthly

10.?????? Juanita has a part-time job that pays $12/hour and works about 50 hours every month. Her withholdings are Social Security (6.2%,) Medicare (1.45%) and federal income tax (10%). What is her approximate net pay?

a. $120

b. $500

c. $600

d. $700

Mod 9 Consumer

1. The most reliable source of consumer information would be from:

A. an advertisement

B. a salesperson

C. an executive of the company

D. a product label

2. A buying club commonly:

A. requires a minimum purchase

B. has a large initiation fee

C. wants the member to encourage others to join

D. only allows a few people in an area to be members.

3. The mail-order rule requires that companies:

A. notify customers if an item is not currently available

B. only sell certain items by mail

C. accept credit cards for mail-order purchases

D. allow a person to return an item for full credit

4. The first step a person with a consumer complaint should take is to:

A. obtain legal assistance

B. contact a consumer agency

C. write to the headquarters of the company

D. return to the place of purchase

5. The right to cancel certain purchases of $25 or more within three business days is known as the ________ rule.

A. layaway

B. cooling-off

C. mail-order

D. telemarketing

6. ??????? T ???????? F????????? Buying clubs are designed to help consumers compare prices at different stores.

7. ??????? T????????? F????????? The mail-order rule allows a person to cancel an order that is not shipped within a certain time period.

8. ??????? T????????? F????????? Layaway purchase plans are design to help consumers buy items at discount prices.

9. ??????? T????????? F????????? The cooling-off period generally applies to purchases of $25 or more.

10. ????? T ???????? F????????? Most consumer complaints require legal action to solve.

Essay (2 points maximum)

Choose one of the following and write a one page paper discussing your topic:

Are big box stores (SAM?s or COSTCO) good deals for college students?? Within your paper, discuss the definitions, purposes, advantages, disadvantages, etc.? Explain your answer.?

Discuss comparative shopping.? Define.? Give highlights of your assignments.? Pros and cons, etc.


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