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BUS 215 Week 2 Quiz

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BUS 215 Week 2 Quiz

  1. Revolving check credit is a:
  2. Which one of the following financing methods provides a float period?
  3. Which organization specializes in the testing of products for electrical and fire safety?
  4. When did installment credit explode on the American scene?
  5. Jerry Allison starts the month with a balance on his credit card of $1,000. On the 10th
    day of the month, he purchases $200 in clothes with his credit card. On the 15th
    day of the month he makes a payment on his credit card of $500. The bank charges 1.5 percent interest per month using the previous balance method. What would Jerry's finance charges be for the month?
  6. The baby boom generation currently represents about 30 percent of the population but holds nearly ____________ percent of the debt outstanding.
  7. A disadvantage of leasing an automobile would be the:
  8. A few months ago, you sent a certified letter to a debt collector and requested verification of a debt the collector says you owe. You know the letter was received by the collector but you have received no response to your request. Today, you received a letter threatening court action. What should you do?
  9. In a Chapter 7 bankruptcy, debtor:
  10. Open dating provides information on:
  11. When interest rates are rising, a person would be best served by:
  12. A limit on the amount you must keep on deposit in order to earn interest or avoid a service charge is an example of a (an):
  13. The borrower's financial ability to meet credit obligations is called:
  14. A trust has the purpose of:
  15. The major service offered by investment companies is:
  16. What is the number one reason why consumers default on their debts?
  17. The most reliable source of product information is likely to come from:
  18. David Wynn gets a personal loan from his credit union for $1,000. David will make monthly payments $85.15 over the next year to repay the loan. What type of financial service is David using?
  19. A debit card:
  20. Which form of bankruptcy allows a debtor with a regular income to extinguish his or her debts from future earnings or other property over a period of time?

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