5 Written questions
5 Matching questions
- Open ended credit
- where does the profit for credit card companies come from?
- Annual fees
- liability insurance
- Car leasing
- 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
- b - pays for the damages to another vehicle or medical bills if its your fault
- c - when you lease a car you agree to pay the value of the vehicle used during the lease
- d - they charge discount to the merchant (2%-3%)
- charging interest/ annual fees (6%-24%)
- e _______ is a for using a companies credit card.
5 Multiple choice questions
- ______ 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
- - a finance company owned by the parent company.
-The purpose is to provide financing to costumer of parent companies that purchased there product.
- - a product warranty created by the state law, all states have them
-every purchase you make is covered by Implied/written warranties
- _____ are the amount of interest per year expressed as a % of the amount borrowed.
- - 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
loan amortization → - a promise by the manufacture/merchant to stand by there product
home owners insurance → - a amount of time you pay for life insurance.(10 yrs)
comprehensive insurance → - protects your car and the other car in a accident
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
Whole life → - a whole life insurance throughout your life