HighRiskMortgage.net

26. When your credit score is poor, your mortgage interest rate will be: (1 point)
Higher
Lower
27. A revolving credit account where the cardholder must pay the full account balance each month is called what? (1 point)
a charge card
a debit card
a credit card
a gift card
28. In a list of numbers placed in numerical order, the middle number is called what? (1 point)
the average
the median
the difference
the total
29. A FREE warranty from an automobile manufacturer that covers any and all mechanical problems for a specified period from the purchase date is generally called what? (1 point)
Supplemental insurance
Bumper-to-Bumper warranty
Manufacturers extended warranty
Sellers guarantee
30. A short-term financial goal is achieved within what time period? (1 point)
10-25 years
1-12 months
1-5 years
30 years
31. Either party involved in a contract can change typed passages by writing the changes on the document and then having both parties initial next to the change. (1 point)
True
False
32. If your credit score is low, or you don’t have established credit, a person that does have good or established credit will have to what? (1 point)
co-sign on the debt
assign the debt
guarantee the debt
A and C
33. What is the most important part of a contract to read? (1 point)
The bold passages
The fine print
The period of performance
The payment schedule
34. All charge card and credit card companies must send you a copy of the terms of your cardholder agreement if you request it in writing. (1 point)
True
False
35. When paying for medical care, the portion of the total cost you pay out-of-pocket for prescriptions and/or doctor visits (after insurance) are called medical: (1 point)
Supplements
Co-pays
Premiums
Deductibles
36. Supplemental insurance policies can pay you regular income for: (1 point)
Long-term disabilities
Injury disabilities
Cancer treatment
All of the above
37. The reduction of value of an asset (something of value) over time due to normal usage is called what? (1 point)
Depreciation
Appreciation
Decay
Inflation
38. What are considerations to think about when planning for retirement? (1 point)
Time to retirement
Planned quality of life
Current savings
All of the above
39. Experian, TransUnion, and Equifax are all involved in collecting information that results in a report of your: (1 point)
Income
Debt to Income Ratio
Credit Score
Interest Rate
40. The retail price of a brand-new automobile is also known as? (1 point)
The wholesale value
The sticker price
The Kelly Blue Book price
The dealer price
41. When you're retired or disabled, what government institution pays your regular monthly income based upon contributions you made while working? (1 point)
The Social Security Administration
Medicare
Medicaid
Elderly Assistance Institute
42. When you have a fixed amount of income each month, with no expectation of an increase or decrease in the amount you receive you're living on a what? (1 point)
Variable income
Fixed income
Poverty line
Low-income subsidy
43. The amount of goods and services you can buy with your money is referred to as what? (1 point)
Inflationary spending
Bartering
Purchasing power
The exchange rate
44. The simplest form of a loan contract between two individuals is called what? (1 point)
Exchange agreement
I.O.U.
Borrowing agreement
Lending agreement
45. If your down-payment on a home is GREATER than 20% of the total value, you'll generally have to purchase Personal Mortage Insurance. (1 point)
True
False
46. The metaphor for your main income sources during retirement is what? (1 point)
The four-legged dog
The three-legged stool
The three-pronged attack
The four-legged stool
47. Mortage loans have lower interest rates (and lower risk to lenders) than automobile loans, why? (1 point)
The bank will always know where to find a house
Automobile loans have smaller loan amounts
Automobiles can be hidden from repossession
A and C
48. The payment schedule on a mortage is created using what? (1 point)
An amortization table
A balance-due spreadsheet
An equity schedule
A principal repayment plan
49. If you're living "beyond your means" it's likely you'll eventually go bankrupt. (1 point)
True
False
50. The type of card that is linked to your checking account and doesn't accrue interest is called what? (1 point)
a charge card
a credit card
a debit card
a revolving card

This entry was posted on Friday, June 5th, 2009 at 5:06 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.