Question 1

The fastest rising financial crime against individuals today is __________________ theft.This is a deliberate attempt to take unauthorized use of someone else's personal information in order to fraudulently obtain money,credit,or other property.

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The answer of The fastest rising financial crime against individuals...

Question 2

Consumer loans tend to be _____________________ sensitive.They tend to rise in periods of economic expansion and tend to fall in periods of economic downturn.

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The answer of Consumer loans tend to be _____________________ sensitive.They...

Question 3

______________________ is a basic method for calculating the interest owed on a loan that adjusts for declining balances and the time remaining on the loan.

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The answer of ______________________ is a basic method for calculating...

Question 4

Credit cards are the best example of ______________________ that offer consumers convenience and flexibility.Consumers can access them whenever the need arises.

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The answer of Credit cards are the best example of...

Question 5

One new type of mortgage where no principal payments are made for an initial period is called a(n)_______________.

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The answer of One new type of mortgage where no...

Question 6

While considering an individual's income levels,a bank generally prefers the borrower report ______________________ rather than gross salary.

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The answer of While considering an individual's income levels,a bank...

Question 7

Many home mortgage agreements include an additional charge levied up front called _____________________.Generally,each of these corresponds to one percent of the face value of the amount borrowed.

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The answer of Many home mortgage agreements include an additional...

Question 8

The ___________________________ Act prohibits lenders from asking certain questions to a customer,such as a customer's age or race.

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The answer of The ___________________________ Act prohibits lenders from asking...

Question 9

In real estate lending,competent property __________________ is vitally important to a loan decision.The value and condition of the property are determined by an independent party.These must conform to industry and government standards.

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The answer of In real estate lending,competent property __________________ is...

Question 10

The ________________________ Act provides consumers with an opportunity to order one free credit report annually from each of the three nationwide credit bureaus.

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The answer of The ________________________ Act provides consumers with an...

Question 11

A variable rate loan on a residential mortgage is known as a(n)______________________.

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The answer of A variable rate loan on a residential...

Question 12

_________________________ loans are ones that families and individuals can draw upon for immediate cash needs and are repayable in a lump sum.These loans often cover the cost of a vacation,medical care,the purchase of a home appliance,or home repairs.

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The answer of _________________________ loans are ones that families and...

Question 13

A popular prepaid card which carry balances that can be spent electronically in stores until the balance entered on the card is fully used up,often used like a credit card,especially popular in Europe,is known as a _________ card.

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The answer of A popular prepaid card which carry balances...

Question 14

Equifax,Transunion,and _________________ are the three biggest credit bureaus in the United States.

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The answer of Equifax,Transunion,and _________________ are the three biggest credit...

Question 15

A popular credit scoring system developed and sold by Fair Isaac Corporation is known as ___________.

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The answer of A popular credit scoring system developed and...

Question 16

The interest rate on most consumer loans is based on the cost of loanable funds to the bank,plus nonfunding cost,plus premiums for default and time to maturity,and also includes the desired profit margin on the loan.This method of pricing loans is known as _____________________.

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The answer of The interest rate on most consumer loans...

Question 17

________________________ are plastic cards that can be used to pay for goods and services but where credit is not extended.They are a convenient way to make deposits into and withdrawals from an ATM.

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The answer of ________________________ are plastic cards that can be...

Question 18

_____________________________ is the granting of loans to borrowers with below-average credit records.These loans tend to go to borrowers with a record of delinquent payments,previously charged-off loans,bankruptcies or court judgments.

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The answer of _____________________________ is the granting of loans to...

Question 19

Traditional home equity loans are usually priced using _______-term interest rates while home equity lines of credit are priced using _________-term interest rates.

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The answer of Traditional home equity loans are usually priced...

Question 20

In the case of a borrower without a credit record or a very poor track record,a _______________ may be requested to support repayment.Technically if the borrower defaults on the payment,they are obligated to repay the loan.

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The answer of In the case of a borrower without...

Quiz 18: Consumer Loans, Credit Cards, and Real Estate Lending