Fillable MCMP Module 6 P2 - Module 6

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MCMP Module 6 P2 - Module 6

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Module 6
1.! What terms below describe the “mainstream economy”. Answer ____
a.
!
Economic activity close to major river systems.
b.
!
Loan activity is reported to the credit reporting agencies.
c.
!
Loans with interest rates are at or below generally accepted limits.
d.
!
b and c above are correct.
2.! Two of the most common forms of collateral used for loans are. Answer ____
a.
!
The interest rate and fees.
b.
!
Delinquency and default.
c.
!
Homes and automobiles.
d.
!
None of the above.
3.! If a secured loan goes into default, the lender normally takes steps to:
Answer ____
a.
!
Forgive the loan.
b.
!
Take ownership of the collateral that secured the loan.
c.
!
Lower the interest rate.
d.
!
Lower the loan payments.
4.! What do the initials APR mean when referring to interest rates?
Answer ____
a.
!
Always Preferred Rate.
b.
!
Annual Percentage Rate.
c.
!
Annual Price Reduction.
d.
!
Any Price Rate.
5.! Why do credit cards usually have higher interest rates than car loans?
Answer _____
a.
!
Because credit card loans are usually smaller than car loans.
b.
!
Because credit card loans are unsecured and car loans are secured loans.
c.
!
Because it’s easier to get a credit card.
d.
!
None of the above.
6.! A common revolving charge account is a: Answer ____
a.
!
Payday loan.
b.
!
Loan for admission to an expensive amusement park.
c.
!
A credit card.
d.
!
A personal loan from a family member who owns a firearm.
7.! What is the “grace period” as it applies to credit cards? Answer ____
a.
!
The time you have to pay the entire bill and not be charged interest.
b.
!
The amount of time needed to find the money needed for the minimum payment.
c.
!
The time of year credit card companies make donations to religious organizations.
d.
!
None of the above.
8.! What are some of the fees associated with credit cards? Answer ____
a.
!
A fee for a late payment.
b.
!
A fee for the balance (total charges) on the card going higher than a preset limit.
c.
!
An annual fee just for having the card.
d.
!
All of the above.
9.! Which of the following are normally associated with contracts a rent-to-own furniture
and appliance businesses? Answer ____
a.
!
The total cost to buy something is usually less than purchasing the same item from
other stores.
b.
!
Payments are made on a weekly basis.
c.
!
If you stop making payments before your contract is complete the company will take
back the item and you will not receive a refund.
d.
!
A and b above are correct.
10.!The “Non Mainstream Economy” includes loans or contracts from:
Answer ____
a.
!
Auto Title Lenders.
b.
!
Rent-to-Own furniture and appliance stores.
c.
!
Payday lenders.
d.
!
All of the above.
Name ___________________________ WSUID _________________________
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MCMP Module 6 P2 - Module 6

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Completed 21 March 2020

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