Question 1

In financial institutions, the sources of credit:

Accepted Answer

A)   come in all shapes and sizes.
B)   play an important role in our economy.
C)   are typically short term
D)   A and B are correct
E)   A, B and C are correctF) C) and E)
G) A) and C)

Question 2

If you declare bankruptcy, you have to continue to pay any alimony, child support, debts incurred through fraud and court costs.

Accepted Answer

A) True 
 B)False

Question 3

Government of Canada student loans

Accepted Answer

A)   are available to all full-time and part-time post-secondary students regardless of financial need
B)   are offered only in Ontario and Quebec
C)   are not required to be repaid
D)   are the same as student grants
E)   program is called the Canada Student Loans ProgramF) B) and C)
G) B) and E)

Question 4

By current Canadian law, a lender in Canada can legally charge up to _________ per annum

Accepted Answer

A)   10%
B)   22%
C)   28%
D)   60%
E)   there is no limitF) A) and E)
G) All of the above

Question 5

Which of the following offer the least expensive loan?

Accepted Answer

A)   finance companies
B)   banks
C)   savings and loan associations
D)   parents or family members
E)   loan sharksF) C) and D)
G) B) and D)

Question 6

Paying only the minimum balance each month on credit card bills is a signal of potential debt problems.

Accepted Answer

A) True 
 B)False

Question 7

According to the current Canada Student Grants Program, the Government of Canada will provide up to a maximum of _______ in loans per week of study to eligible students

Accepted Answer

A)   $100
B)   $210.
C)   $400.
D)   $600
E)   $1,000.F) A) and B)
G) All of the above

Question 8

What is the EAR for a $100 loan when the interest is compounded monthly and the stated annual interest rate is 6.00 percent?

Accepted Answer

A)   6.00 percent
B)   6.39 percent
C)   6.17 percent
D)   7.52 percent
E)   8.21 percentF) A) and B)
G) A) and C)

Question 9

What are the major sources of consumer credit?

Accepted Answer

The major sources of consumer credit are...

Question 10

The interest rate on a collateralized loan is relatively low, but one of the disadvantages of such loans is that

Accepted Answer

A)   the loan must be repaid in a short period of time.
B)   the assets used as collateral are tied up until the loan has been repaid.
C)   the loan is difficult to obtain.
D)   commercial banks do not make such loans.
E)   you ruin your credit rating.F) None of the above
G) A) and E)

Exam 6: Choosing a Source Credit: the Costs of Credit Alternatives

In financial institutions, the sources of credit:

Correct Answer
verified

Paying only the minimum balance each month on credit card bills is a signal of potential debt problems.

Correct Answer
verified

According to the current Canada Student Grants Program, the Government of Canada will provide up to a maximum of _______ in loans per week of study to eligible students

Correct Answer
verified

Government of Canada student loans

Correct Answer
verified

What are the major sources of consumer credit?

Correct Answer
verified
The major sources of consumer credit are...
View Answer

The interest rate on a collateralized loan is relatively low, but one of the disadvantages of such loans is that

Correct Answer
verified

What is the EAR for a $100 loan when the interest is compounded monthly and the stated annual interest rate is 6.00 percent?

Correct Answer
verified

By current Canadian law, a lender in Canada can legally charge up to _________ per annum

Correct Answer
verified

Which of the following offer the least expensive loan?

Correct Answer
verified

If you declare bankruptcy, you have to continue to pay any alimony, child support, debts incurred through fraud and court costs.

Correct Answer
verified

Exam 6: Choosing a Source Credit: the Costs of Credit Alternatives

In financial institutions, the sources of credit:

Correct AnswerverifiedShow Answer

Paying only the minimum balance each month on credit card bills is a signal of potential debt problems.

Correct AnswerverifiedShow Answer

According to the current Canada Student Grants Program, the Government of Canada will provide up to a maximum of _______ in loans per week of study to eligible students

Correct AnswerverifiedShow Answer

Government of Canada student loans

Correct AnswerverifiedShow Answer

What are the major sources of consumer credit?

Correct AnswerverifiedThe major sources of consumer credit are...View AnswerShow Answer

The interest rate on a collateralized loan is relatively low, but one of the disadvantages of such loans is that

Correct AnswerverifiedShow Answer

What is the EAR for a $100 loan when the interest is compounded monthly and the stated annual interest rate is 6.00 percent?

Correct AnswerverifiedShow Answer

By current Canadian law, a lender in Canada can legally charge up to _________ per annum

Correct AnswerverifiedShow Answer

Which of the following offer the least expensive loan?

Correct AnswerverifiedShow Answer

If you declare bankruptcy, you have to continue to pay any alimony, child support, debts incurred through fraud and court costs.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
verified
The major sources of consumer credit are...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
verified

Correct Answer
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