Per Fin Stew Test 2

Collateral

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

$0.10 per oz

What is the unit price at a 32oz box of brown sugar that costs $3.20

pawnshop

When Imogene brought a necklace to a __________, she received a loan based on its value

A mortgage loan

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

You receive bills for a credit card account you never opened

Which of the following is often the first sign of a stolen identity?

rebate

a partial refund of the original price of the product

Indexed CD

A certificate of deposit that has earnings based on the stock market is called a(n)

capacity

A loan officer is examining whether or not to offer you a loan today. Specifically, she is examining your income and debt which of the five C's of credit is the loan officer reviewing?

Mediation

A process used to settle grievances in a nonbinding process is called a(n)

$110,000

Acme HomeLending offers home equity loans up to 80% of the home value for its customers. If Sally Johnsen has a home valued at $200,000 and a current mortgage of $50,000 how much can she borrow in a home equity loan from Acme?

20%

Experts suggest that the debt payments to income ratio should be a maximum of

home equity loan

Have interest that is tax - deductible

limited warranty

Most products come with some guarantee of quality. this type of warranty covers only certain aspects of the product, such as parts

A debit card

Quentin wants his retail purchases to be deducted directly from his checking account which of the following tools should he use?

Depreciation

all of the following are variable operating costs for a vehicle except

Compounding

earning interest on previously earned interest

Residual value

expected value of the vehicle at the end of the lease

line of credit

the maximum amount of money a creditor will allow a credit user to borrow

unit pricing

the use of a standard unit of measurement to compare the prices of packages that are different sizes

Liquidity

which of the following refers to the opportunity to withdraw your moeny on short notice without incurring a loss in value?

A payday loan company

which of the following will likely provide the most expensive loans