NAME: ________________________

mizzou finance Test

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5 Written Questions

5 Matching Questions

  1. interest rates
  2. comprehensive insurance
  3. Annual fees
  4. types of people who need life insurance
  5. warranty of fitness
  1. a - anyone who supports a family
  2. b _______ is a for using a companies credit card.
  3. c _____ are the amount of interest per year expressed as a % of the amount borrowed.
  4. d - holds the seller accountable for a recommend use.
    Ex. 0 degree sleeping bag will work in the winter
  5. e - protects your car from other types of damages
    EX. weather, fire, theft

5 Multiple Choice Questions

  1. - Annual percent rate= expressed as a true interest charged over the life of a loan, also it includes fees associated with the loan
  2. ______ 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
  3. - a amount of time you pay for life insurance.(10 yrs)
    -Most common
  4. -the amount you pay for insurance
  5. - actual cost value: cost of replacement
    -replacement cost: full cost of repaired damage
    -extended replacement cost: full cost of replacing/ rebuilding outside limits

5 True/False Questions

  1. extend warranties- a promise to preform/ pay for certain repairs or services.


  2. premiums for car insurance and deduables-stock life: owned by stockholders
    -mutual life: owned by policy holders who share profits
    -fraternal societies: EX. knights of Columbus, Free Masons
    -Federal government: veterans and members of uninformed services


  3. leasing/ buying a car and the types of loans- a product warranty created by the state law, all states have them
    -every purchase you make is covered by Implied/written warranties


  4. What factors the cost of a product (name brand v. Generic)- payment history effects your _______ the most.
    -If you continue to payoff your credit, companies will continue to give you money
    -the scale is 300-900
    -it also effects your ability to obtain a loan/interest rate


  5. Open ended credit- 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


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