Study guide test 3
Study guide test 3 Finance 101
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This 0 page Study Guide was uploaded by rebecca goodrich on Friday January 22, 2016. The Study Guide belongs to Finance 101 at University of Alabama - Tuscaloosa taught by Dr. in Winter 2016. Since its upload, it has received 26 views. For similar materials see Accounting in Business, management at University of Alabama - Tuscaloosa.
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Date Created: 01/22/16
Personal Finance Test 3 1 Debt safety ratio a What is the percentage to stay out of trouble 1015 2 What are the common forms of open account credit a Credit cards retail charge cards revolving credit lines vi vii Issued by banks 1 visa mastercard 2 reward cards A bank credit card that combines features of a traditional bank credit card with an additional incentive such as rebates and airline milage a frequent yers b Automobile rebate programs c Rebate 3 Affinity cards A standard bank credit card issued in conjunction with some charitable political or other nonpro t organization 4 Secured collateralized credit cards amount of credit is determined secured by the amount of liquid asset collateral you are able to put up like a bank cd a Targeted for people with bad or no credit 5 Student credit cards marketed to speci cally college students Issued by retail 1 Retail charge cards Not Debit cards no line of credit Revolving credit lines A type of open account credit offered by banks and other nancial institutions that can be accessed by writing checks against demand deposit or specially designated credit line accounts Overdraft protection line a line of credit linked to a checking account that enables a depositor to overdraw their checking account up to a predetermined limit Unsecured personal lines a line of credit made available to an individual on an as needed basis Home equity credit line a line of credit issued against the existing equity in a home 3 Balance transfers a How affordable are they b General fees c What is advised about them 4 Know about Debit cards a Are they a credit card no Is it ok to give credit card info over the phone no When is it ok to give credit card info over the phone when you call them when ordering or purchasing something from a major catalog house airline hotel and so on 7 What are the more common forms of consumer loans a formal negotiated contract that speci y both the terms for bowworing and the repayment schedule a used mainly to borrow money to pay for bigticket items 1 auto loans 2 durable goods 3 education loans 4 personal loans iL consoHdannloans 8 What is the repayment period for the average installment loans a 6 months 6 years or more 9 Variable rate loans a When they are desirable longer term installment loans if interest rates are expected to fall over the course of the loan b When they are undesirable if interest rates are expected to rise 10 Look at examples of captive sales nance companies Ford motor credit corporation General electric credit corporation 11 When is it proper to use credit to by a big ticket idem a Will be given examples 12 How to establish credit a Open checking and savings accounts b Use credit c Obtain a small loan 13 Fees and percentage rates on different types of credit cards a Do you have a limit on it yes its set by issuer 500 to 2500 but can go to 50000 b Added on fees interest fees 3 of amount spent mm 00 14 What is an example of a prestige credit card rewards cards 15 If someone spends loosely can t monitor their own spending what card should they carry secured credit card 16 Truth and lending act 17 Fair credit reporting act 18 Which one of these discloses your nance charges between the acts truth and lending act 19 Study the whole section on student loans a How to get a student loan complete application b Which is best for you c Which is true and which is not true about student loans 20 What should you consider when you are shopping for a consumer loan various costs and terms nance charges oan maturity total cost of transaction coatera other loan considerations 18 questions tota
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