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5 Written questions

5 Matching questions

  1. closed ended credit
  2. Factors that effect credit score
  3. minimum liability limits
  4. Open ended credit
  5. comprehensive insurance
  1. a - a loan for a specific amount that must be paid back on or before a agreed date
    -mainly for car/home loans
  2. b - 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
  3. c - protects your car from other types of damages
    EX. weather, fire, theft
  4. d - 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
  5. e it is required by state law. the insurance company gives you a set amount of money for:
    - individual, all persons, property
    EX. 25/50/10 K

5 Multiple choice questions

  1. - they charge discount to the merchant (2%-3%)
    - charging interest/ annual fees (6%-24%)
  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 promise to preform/ pay for certain repairs or services.
  4. -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
  5. - pays for the damages to another vehicle or medical bills if its your fault

5 True/False questions

  1. leasing/ buying a car and the types of loansif you buy a car from a dealer you have 2 options:
    - traditional lending source
    -dealer financing

          

  2. warranty of fitness- holds the seller accountable for a recommend use.
    Ex. 0 degree sleeping bag will work in the winter

          

  3. 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

          

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

          

  5. home owners insurancethere are 6 types:
    -limited coverage: fire, lighting, vandalism
    -basic coverage: falling objects, ice, etc.
    -comprehensive: Everything
    -renters: personal belongings in a condo
    -older homes: cash damages rather then what you paid