| A | B |
|---|
| James pledges a security for a car loan. What is the term used for the pledge? | Collateral |
| Mike has not made a payment on his car in over 6 months. What will the bank do with his car? | Repossess it |
| Bart has no chance of getting out of debt and needs to liquidate all his belongings to pay creditors. Bart should file for which type of bankruptcy? | Chapter 7 |
| Vince is being threatened by his credit card company after falling behind in his payments. What law protects him against this concern? | Fair Debt Collections Act |
| Jan's landlord threatens to report unsubstantiated debts on her credit. What law protects her against this concern? | Fair Credit Reporting Act |
| Joan is concerned she will be turned down for a loan because she is a single female. What law protects her agains this concern? | Equal Credit Opportunity Act |
| Daniel buys goods on credit or borrows money. Which term identifies Daniel? | Debtor |
| What is the purpose of bankruptcy laws? | Give debtors an opportunity to recover from overwhelming debt |
| Susie loses her credit card. Unauthorized charges are made on the card before notifying the issuing company. How much is Susie liable for? | $50 |
| Theresa's credit card company adds finance charges to last month's ending balance. Which type of finance charge method is being used? | Previous Balance Method |
| Stephen uses his home as security for a loan. Which term describes the use of his home in this transaction? | Collateral |
| Mark's credit report indicates non-payment of a credit card bill. Mark wants to correct this error. Which act was passed by Congress to Mark in correcting this dispute? | Fair Credit Billing |
| Craig returned a recently purchased stereo to Electronic Warehouse for a full refund. last week Craig's credit card bill still showed a charge for the purchase. what law could Craig correct this error? | Fair credit billing act |
