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5 Written questions

5 Matching questions

  1. Open ended credit
  2. where does the profit for credit card companies come from?
  3. Annual fees
  4. liability insurance
  5. Car leasing
  1. a - a credit line that borrows up to a maximum limit.
    -It stays open after a balance has been paid off. can be used again
    -Mainly for credit cards/ home equity loans
  2. b - pays for the damages to another vehicle or medical bills if its your fault
  3. c - when you lease a car you agree to pay the value of the vehicle used during the lease
  4. d - they charge discount to the merchant (2%-3%)
    - charging interest/ annual fees (6%-24%)
  5. e _______ is a for using a companies credit card.

5 Multiple choice questions

  1. ______ are credit issued by finance companies, credit unions, or banks.
    they generate income by:
    -charging a discount to the merchant
    -charging interest/ annual fees to card holders
  2. - a finance company owned by the parent company.
    -The purpose is to provide financing to costumer of parent companies that purchased there product.
  3. - a product warranty created by the state law, all states have them
    -every purchase you make is covered by Implied/written warranties
  4. _____ are the amount of interest per year expressed as a % of the amount borrowed.
  5. - insurance that provides a monetary payment to a specify Beneficiary in the event a policyholder dies
    -It is regulated by state government

5 True/False questions

  1. loan amortization- a promise by the manufacture/merchant to stand by there product


  2. home owners insurance- a amount of time you pay for life insurance.(10 yrs)
    -Most common


  3. comprehensive insurance- protects your car and the other car in a accident


  4. types of home coverages- actual cost value: cost of replacement
    -replacement cost: full cost of repaired damage
    -extended replacement cost: full cost of replacing/ rebuilding outside limits


  5. Whole life- a whole life insurance throughout your life


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