FP 100T Week 3 WileyPLUS Weekly Exam

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FP 100T Week 3 WileyPLUS Weekly Exam

In this graded assignment, you are assessed on the content covered in this weeks' readings, activities, and assignments. To help you prepare, it is recommended that you first complete this week's Learning Path and Self-Test Learning Activities prior to completing this exam.

Complete the Week 3 WileyPLUS Weekly Exam covering this week's assigned readings:

•  "Chapter 5: Managing Credit: Credit Cards and Consumer Loans"
•  "Chapter 6: Making Automobile and Housing Decisions"

Note: Work submitted in WileyPLUS does not count toward attendance. Be sure to post at least two times each week in the online classroom to avoid being auto-dropped from the course.

Question 1

Your answer is correct.

In calculating the annual percentage rate on a credit card account, the total annual finance charges includes interest and

late payment charges

all fees and charges assessed on the account

mandatory annual fee

overlimit charges

Question 2

The purpose of an amortization table is to

estimate the average monthly balance

calculate monthly payments on a mortgage

show the breakdown of monthly payments into interest paid on the outstanding balance and principal repayment over the life of a loan

identify when the loan will be paid in full

Question 3

Your answer is correct.

The legal document that specifies the terms and conditions of a consumer loan is the

trust agreement

lien

promissory note

judgement

Question 4

Your answer is correct.

When real property is used as collateral to secure a loan, the lender records a __________ against the property.

deed

mortgage

judgement

lien

Question 5

Your answer is correct.

In assessing a person’s creditworthiness using the Five Cs of Credit, which of the following is applicable in the category of “capacity”?

the income of the person applying for credit

the value of the asset that will secure the loan

the amount of other debt the applicant already owes

the credit score of the person applying for credit

Question 6

Your answer is correct.

Which type of bankruptcy requires the liquidation of most of your assets?