Chapter 5

Which of the following is often considered to offer the least expensive loans (loans with low interest)?

parents or family members

Which of the following is the only online source authorized to provide you with a free copy of your credit report annually?

www.annualcreditreport.com

Information about a personal bankruptcy may be reported in your credit file for

10 years

FICO scores generally range from

350-850

Which of the following is NOT one of the three major credit bureaus?

FICO

Which of the following electronically subtracts money from your savings or checking account to pay for goods and services?

a debit card

Which of the following is NOT associated with credit cards?

a debit to your checking account

Which of the following is an example of open-end credit?

a department store credit card

Which of the following is an example of closed-end credit?

a mortgage loan

Personal bankruptcy can be filed under which section(s) of the U.S. bankruptcy code?

chapters 7 and 13

The question "will you repay the loan?" relates to

character

Molly purchased a $1,500 dishwasher from Best Appliances. She will make 12 equal payments over the next year to pay for it. She is using

closed end credit

The use of property or savings to secure a loan relates to

collateral

The periodic charge for the use of credit is called

Interest

Which of the following items should be shredded to protect yourself from identity theft?

Papers with personal information

When misused, credit can result in

all of the above

The APR is the percentage cost of credit on a(n) ________ basis

annual

The question "What are your assets and net worth?" relates to

capital