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Module 6 LMS Health Class

This Act protects the privacy and accuracy of information in a credit check.

Equal Opportunity Act
Truth in Leasing Act
Truth in Lending Act
Fair Credit Reporting Act

D
Under this Act, you have the right to see the credit history maintained by a credit bureau about you (i.e. seeing your credit report), and under certain conditions they must provide you with a copy of your report free of charge.

Fair Credit Reporting Act
Truth in Leasing Act
Magnuson-Moss Warranty Act
Fair Maintenance of Credit Act

A
This federal law governs consumer product warranties and requires that manufacturers and sellers of consumer products provide consumers with detailed information about warranty coverage.

Truth in Lending Act
Fair Credit Billing Act
Magnuson-Moss Warranty Act
Truth is Warranty Act

C
This Act requires institutions disclose what credit will actually cost the consumer.

Truth in Lending Act
Fair Credit Reporting Act
Fair Credit Billing Act
Truth in Leasing Ac

A
The Lemon Law is used to protect first time home buyers.

false
true

A
The Lemon Law applies to the purchase of all automobiles.

false
true

A
Purchases based on needs and/or wants represent:
When a consumer makes purchases based on their needs or wants they are:

being safe
staying informed
exercising choice
being heard

C
The right to be heard insures consumers can communicate dissatisfactions.

false
true

B
When consumers exercise their right to know the risks associated with a product’s use before they purchase it, they are:

showing concern for safety
uninformed
exercising choice
being heard

A
What options are there for a consumer who is still not satisfied after speaking with a store manager?

no options, that is the last resort
call the Better Business Bureau
take the business to small claims court
b and c

D
The Lemon Law pertains to:

new cars and trucks
used cars and trucks
only vehicles purchased from the dealerships

A
Under the Fair Credit Reporting Act, credit bureaus are required to report information accurately and to remove or correct information that is outdated or inaccurate.

True
False

A
According to the Lemon Law, a defect can be any problem with the:

engine
transmission
brakes, steering
bad smells
all of the above

E
The following are available for assistance with the Lemon Law:

consumer advocate groups
departments of your State Attorney General’s office
legal aid
all of the above

D
The right to____________ means the consumer will be protected from false and misleading advertising.

safety
be informed
choice
be heard

B
Cash substitutes, such as credit cards or debit cards, are a safe alternative to carrying cash.

false
true

B
A secured credit card is only issued to people who do not have a savings account.

false
true

A
A debit card is a line of credit and interest may accrue if the monthly balance is not paid in full.

true
false

B
Borrowed money of any kind usually involves interest charges.

false
true

B
One of the disadvantages of using electronic money is it is possible to lose track of one’s budget.

false
true

B
The amount of interest you are charged yearly is called:

Compound Interest
Credit Rating
Annual Percentage Rate (APR)
Average Daily Balance Method

C
Interest calculated not only on the original principal but also on the interest already accumulated is called:

Compound Interest
Credit Rating
Annual Percentage Rate (APR)
Average daily balance method

A
The rating credit companies use to see if you are a good credit risk is called:

Compound Interest
The three C’s (character, collateral, and capacity)

B
An institution’s evaluation of whether a person is suitable to receive credit is called:

Credit Rating
Compound Interest
The three C’s (character, collateral, and capacity)
Personal profile

A
The card company totals your balance each day during the billing period, adds these daily balances together and divides by the number of days in the billing period is called:

Compound Interest
Annual Percentage Rate (APR)
Average daily balance method
Complex daily total

C
Which ELECTRONIC CARD cannot be used randomly at a variety of stores and for a variety of services?

multi-purpose credit cards
single purpose credit cards
secured credit cards
VISA cards

B
Identity theft can occur in all of the following ways except:

theft of wallets that contain identification and credit card information
theft of mail, including new checks, bank and credit card statements, or tax information
shredding all documents that have personal information such as tax information, address, and account numbers

C
The ______________card can be used anywhere.

multi-purpose credit
single purpose credit
debit
ATM

A
__________ are used in place of writing checks. The amount you spend using this card will be deducted from your checking account.

Credit cards
Multi-purpose credit cards
Single purpose credit cards
Debit cards

D
Which of the listed cards can be used in place of cash?

multiple purpose credit cards
single purpose credit cards
debit cards
ATM cards
all of the above

E
Select an alternative to using credit.

You may choose not to buy.
You may pay with your savings.
You may postpone buying, save your money, and buy later with cash.
Any and/or all of the above.

D
To earn a good credit rating, you should do all of the following EXCEPT:

Keep your own checking and savings account.
Pay bills after due date.
Pay bills before the due date.
Never give your credit card information or personal information to any unsolicited phone caller.

B
Three of the four statements below represent your credit responsibilities. Select the one answer that does not represent your credit responsibilities.

Keep track of your spending so you know how much of your available credit you have used.
Pay off the entire credit balance each month.
Have the credit card bill sent to a temporary address.
Be alert to your total debt.

C
To help prevent fraudulent use of your credit cards, ask the clerk to destroy carbons of receipts with your signature, and keep all your receipts in a safe place. Do not give your account number to unknown (unsolicited) callers.

true
false

A
No more than 10% of your monthly income should go toward credit card payments.

false
true

B
To whom should you report the loss or theft of your credit and ATM cards?

The card issuers within 24 hours of the loss or theft.
Report it to the bank with whom you have a checking account.
It is not necessary to report it because credit cards companies know via technology that a card is stolen.

A
Your credit line is based on your monthly income, your current debt, and length of residence at your current address.

true
false

A
A definite warning signal that indicates you are having serious credit management problems include:

Using one credit card to pay for another credit card.
Stalling one creditor to pay another.
Receiving past-due notices with billing statements.
Paying only the minimum each month.
All of the above.

E
It is not necessary to read credit contracts and agreements before signing them because they all have the same terms.

false
true

A
The more time you take to repay the money you borrow, the more interest you will pay.

false
true

B
The money one makes is not necessarily the money one takes home. This income represents your salary before taxes are taken out of it.

W-2 form
FICA
Gross income
Net income
W-4 form

C
Before an employer can deduct taxes from your paycheck this form must be filled out.

W-2 form
FICA
Gross Income
Net Income
W-4 form

E
At the end of every year, before you can file your taxes, your employer must send you this form.

W-2 form
FICA
Gross income
Net income
W-4 form

A
This is the income you receive after all the deductions have been taken from your paycheck.

W-2
FICA
Gross income
Net income
W-4 form

D
A financial account that allows you to withdraw and deposit money using a check, debit card or ATM card is a _______ account.

cashier’s
checking
traveler’s
endorsement

B
A type of check that has a bank’s guarantee of payment is a

cashier’s check.
money order.
endorsement check.
banking check.

A
A tax levied on the working public to help support the medical expenses of people needing medical care is __________.

FICA tax
FDIC tax
Medicare tax
Federal Income Tax

C
To reconcile a checking account, you have to make sure your check register and the bank’s statement agree on how much is in the account.

false
true

B
An “outstanding” check is a check that you have written and the check has cleared the bank and been returned to you.

false
true

A
Choose the endorsement that is representative of the example:

Jilly Flower

134 263 894

blank endorsement
restrictive endorsement
special endorsement

A
What type of deposit is illustrated below?

Pay to the order of

K.C. Thurman

Jilly Flower

134 263 894

restrictive endorsement
blank endorsement
special endorsement

C
All banks offer the following service:

on-line checking
person to person tellers
phone checking
deposits and withdrawals

D
One advantage to using your debit card is:

You don’t have to subtract it from your checking account balance
It is safer than carrying cash
You can spend as much as you want
You can give your friend the PIN number in case you forget it.

B
A check register allows you to:

keep track of the interest paid on your account
automatically record your debit card purchases
record the date and amount of each transaction you make every time you make one
automatically record your deposits

C
The balance in your checkbook:

is only correct if your record all transactions made by you and your bank
never needs to be reconciled
is always mathematically correct
is not important

A
One advantage of check writing is:

You have a written record of your payment
You can use it in ATM machines everywhere
You can get cash from ATM machines with it
You have to pay a fee for using it in an ATM machine

A
When using a debit card:

There are always fees
Identification is always required.
You still need to carry a checkbook to record transactions
You are not personally liable for more than $50 if it is stolen

C
An advantage of using a debit card is:

You can build up your credit
You don’t have to record a transaction fee each time you use it to know your balance
If you buy defective goods you can get your money back because you used your debit card
You have a personal PIN number for added safety if the card is stolen

D
When using debit cards always remember:

Money is available immediately after depositing it
If the card is lost or stolen and not insured by the FDIC your funds are not protected
There are never any annual or personal fees for using the card
Debit cards can be a way to learn to manage money if used responsibly.

D
A credit report:

never needs to be verified
records only negative reports, late payments, overdrawn accounts, etc.
will not determine what kind of car you can drive and what you can buy.
determines your credit score, a summary of your past and current credit usage predicting your future credit performance.

D
When buying recycled products look for:

the package made of plastic only
the highest recycled content
the most attractive package
the largest package

B
Household hazardous wastes include all the following EXCEPT:

paints, oils, garden chemicals and aerosol cans
glue, grease, lighter fluid, and mothballs
prescription drugs, window cleaner, wood stains, and pool chemicals
baking soda, lemon oil, and borax

D
Corrosive refers to products that eat away at materials. They include such solutions as:

ammonia
drain cleaners
oven cleaners
choice 2 and choice 3 only

D
What common household product when mixed with bleach can produce dangerous chemical fumes?

ammonia
baking soda
dish soap
windshield washer fluid

A
Products that create deadly vapors are known as:

corrosives
reactives
toxins
flammables

B
Products that are poisonous to you and pets are known as:

flammables
reactives
toxins
corrosives

C
Motor oil can be disposed of best in the following manner:

calling your local garbage collection agency for a referral
calling your local garbage collection for a private pick up
collecting it until you have at least a gallon and pouring it in a storm drain
droping it at the local dumpster on your way to school.

A
Household hazardous waste can be eliminated by preparing your own cleaning products using the following ingredients EXCEPT:

vinegar
bicarbonate soda
cornstarch
Windex

D
Downcycling is defined as:

recycling Downy containers
lower grade of recycling
lower grade of plastic due to recycling
recycle education in the lower elementary grades

C
Reducing, which is the first step in recycling, is considered:

proactive
reactive

A
Which is not one of the three R’s?

renew
reduce
recycle
reuse

A
Which of the following is NOT considered a hazardous waste?

bug spray
fertilizer
nail polish remover
pesticides

C
Products that eat away at other materials are known as:

toxins
corrosives
reactives
flammables

B
The Government Agency that was created to protect our natural resources is:

Bureau of Land Management
Central Intelligence Agency
Hazardous Waste Management
Environmental Protection Agency

D
Precycling means making environmentally sound decisions

in your home
after using an item
at the store before taking the product home
for your whole family

C
Toxic chemicals are found:

only in manufacturing plants
in many household products
only in chemical plants
only in cities

B
Aluminum is:

not recyclable
seldom recycled
expensive to recycle
100% recyclable

D
Glass is:

not recyclable
recyclable only if it is clear
not recyclable if broken
100% recyclable

D

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