BADM 2010-Consumer Law 1
Federico lost his wallet, which contained his American Expression card and his Visa card. A thief the cards and charged $100 on the visa(nothing on the Amex card) before Frederico reported the cards as stolen, the thief charged another $100 on the Visa and $100 on the Amex card before they were recovered. How much does Frederico owe on the cards?
$50 to Visa Only
The wealthiest 15% of Americans control what percent of America's wealth?
85%
Which of the following is true in regarding the cosigner of a loan? For purposes of this question let us assume that the person borrowing the money is called the primary borrower.
A cosigner's credit can be ruined if the debt is not paid on time by the primary borrower.
What is the single greatest factor that contributes to the Strawhead being a Strawhead?
Strawheads, although ignorant, believe themselves to be smart
The Strawhead test contains a long list of things you can spend your money on that your professor claims are a waste of money. What's the common theme that might motivate people to buy these things:
people are scared
The Truth-in-Lending Act:
requires the lender to tell the borrower the interest rate
Based on what you should have learned during the Strawhead test, which of the following will actually make you safer?
taking a safe driving class
Which of the following was listed as one of the biggest wastes of money on the list covered at the beginning of the course?
weddings
Which of the following is true with regard to www.annualcreditreport.com?
you can get a free credit report once a year
When it comes to decisions like picking the winner of a Super Bowl, the Strawhead test teaches us:
you should not gamble
Urich's motivational theory is based on:
you're a moron and you need to stop it
There's a fly in the ointment when it comes to "Six months same as cash." The expression "there's a fly in the ointment" is an expression that means there's a small problem. What is the problem?
If you don't pay the entire amount within six months they charge you all of the interest all the way back to the date of purchase.
What do we think about "repair your credit plans" offered for sale to individuals with credit problems?
It is a rip off because it is not possible to repair your credit.
Which of is true in reference to the rent-to-own contracts?
It's a bad deal because you end up paying much more than borrowing.
Which would be the smartest method for reducing your possible liability from your credit card fraud?
Only carry one card in your wallet.
Trial lawyers help individuals sue major corporations and insurance companies. Assuming you are an advocate of "Free the Strawheads", how would you characterize the role that trial lawyers play in our society?
Rock on trial lawyers!
What do you call a loan where you make a monthly payment for a period of time then at the end of the term you owe a large lump sum payment?
balloon loan
Usury refers to:
charging excessive interest rates.
Which of the following was not on the Top 10 wastes of money?
checking accounts
Which of the following is true? A. The fact that you have bad credit is a good predictor that your life expectancy will be below average. B. The fact that you have bad credit is not a relevant factor in predicting your likely hood of having a traffic accident. C. People with bad credit are less likely to pay their debts on time. D. all the above E. none of the above
d
Credit card companies make by: A. charging interest to card uses. B. charging a percentage to stores that accept the cards. C. D.A.T (******* Tax) D. only two of the above. E. all of the above
e
Which of the following is true in regard with your credit report? A. Information cannot be used for any purposes after seven years. B. You have to be careful with your credit because once they put a mark against you it cannot be challenged even if it is wrong. C. A credit report cannot be used for any purpose other than loaning money. D. All of the above are true. E. All of the above are false.
e
