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WorksheetsFA Study
Total questions: 40
Worksheet time: 20mins
True or False, Pre-payment privilege – This feature allows borrower to make payments before due dates to reduce the amount of interest. This is a feature that you want in your contract?
True
False
If you have a credit card with an APR of 29.99%, a BOM, Beginning of month balance of $15,000, and make a payment on the 15h of $5,000, which brings your EOM, End of month, to $10,000. What will your monthly interest charge be?
$255.25
$292.15
$307.5
$325.10
None of the above
True or False, Pre-payment penalty – This agreement and requires borrower to pay a penalty fee, if they wish to pay back entire loan before due date. This is a feature that you want in your contract?
True
False
If I have a credit score of 800, I would fall into which credit rating?
Prime
Super Prime
Non Prime
Sub Prime
Deep Sub Prime
What was the name of the first credit card?
Mastercard
Visa card
American Express card
Discover card
Diner's club card
Which of the below answers is an advantage to use credit cards?
You can use the product while you pay.
You don't have to carry around cash.
You can buy now and pay later.
All of the above
None of the above
If you have a credit score of 800 and buy a new car that offers you an interest rate of 2.99%, for 60 months, with a cost of $30,000. How much more money would you pay, over the asking price of $30,000?
~$1000
~$1700
~$2000
~$2300
None of the above
A person or organization which extends credit is called a what?
Creditor
Loan provider
Debtor
Bank
Who was Facebook originally made for?
Fraternity brothers
US. Government
Harvard students
Friends and family
What is the name of the three credit agencies that report and grade your credit?
US Treasury, Transunion, Equifax
Transunion, US Treasury, Experian
Equifax, Transunion, Experian
None of the above
If you have a credit card with an APR of 29.99%, a BOM, Beginning of month balance of $10,000, and make a payment on the 15h of $2,000, which brings your EOM, End of month, to $8000. What will your monthly interest charge be?
$199.50
$210.20
$221.40
$231.90
True or False, The loan amount you borrow, is called the principle.
True
False
If you have a credit score of 800 and buy a new car that offers you an interest rate of 2.99%, for 60 months, with a cost of $30,000. How much would your monthly car note be?
$500
$525
$540
$560
None of the above
The person who agrees to pay back a loan, in the event that the borrower is unable, or defaults, is called a ?
Debtor
Creditor
Co-signer
Not smart person
Voluntary deduction from an employee’s paycheck is ?
Pre-payment privilege
Pre-payment penalty
Wage assignment
Wage garnishment
True or false, all credit cards are the exact same size?
True
False
Who created Facebook?
Jeff Bezos
Jack Ma
Bill Gates
Mark Zuckerberg
If I have a credit score of 655, I would fall into which credit rating?
Prime
Super Prime
Non Prime
Sub Prime
Deep Sub Prime
How many times was Jack Ma denied admission to Harvard?
5
10
15
20
Who created the first credit card?
Frank McNamara
JP Morgan Chase
Bank of America
Wells Fargo
Which company bought instagram for $1 billion
Alibaba
Apple
True or False, Buyers with low credit ratings, get the lowest interest rates?
True
False
Who created Apple?
Jeff Bezos
Steve Jobs
Jack Ma
Bill Gates
Mark Zuckerberg earns a whopping salary of ____ per year?
$100 million
$150 million
$1 billion
$1
Jeff Bezos keeps Amazon's expenses low by ...
Keeping old black and white printers
Not allowing employees to fly first class
Restricting high paying salaries
All of the above
None of the above
True or False, Generally anyone with a credit score less than 600 is considered a significant risk to the creditor
True
False
This is the involuntary form of wage assignment, often enforced by the court order.
Pre payment privilege
Pre payment penalty
Wage assignment
Wage garnishment
True or False, A charge card has to be paid in full at the end of each billing period?
True
False
True or False, the first credit card was actually a charge card?
True
False
If you have a credit score of 800 and buy a new car that offers you an interest rate of 2.99%, for 60 months, with a cost of $30,000. What is the total difference in the amount paid after 60 months, if you compared 2.99% to 5.99%?
~$1000
~$1700
~$2000
~$2300
In what decade was the first credit card created?
1940-1950
1950-1960
1960-1970
1970-1980
Jack Ma applied to __ jobs and got rejected from all of them.
30 jobs
10 jobs
20 jobs
15 jobs
Who created Alibaba?
Jeff Bezos
Jack Ma
Bill Gates
Mark Zuckerberg
Which of the below answers are disadvantages to the use of credit card?
Creditors charge interest on all purchases, not paid in full, by the end of the month.
Debtors tend to overspend when using credit instead of cash.
Both A&B
None of the above.
Whenever you borrow money, you must sign an agreement called a __________, which state the conditions of the loan.
Contract
promissory note
Terms and conditions
Letter of intent
Your _________ is your promise to pay back the loan as stated in the note.
Word
Payment
Signature
None of the above
Last year I decided to purchase a car for $20,000. I have a Deep Sub Prime credit rating, so my interest rate was 28.99%, which is the same as my credit card. Instead of financing for 60 months, I decided to buy it with my credit card. My spending limit is $20,000, so I made a payment on the 15th, to bring the balance down to $19500. What will my monthly interest payment be?
~$470
~$450
~$430
~$400
Which of the below is not required for the promissory note to contain, regarding information the creditor is required to state as stipulated in the Truth in Lending Act.
Principle
APR
Monthly payment
A lot more
None of the above
If you have a credit card with an APR of 0% for the first 21 months, a BOM, Beginning of month balance of $10,000, and make a payment on the 15h of $2,000, which brings your EOM, End of month, to $8000. What will your monthly interest charge be?
$255.25
$292.15
$307.50
$325.10
None of the above
A person who uses credit is called a what?
Creditor
Buyer
Debtor
Purchaser
