Credit and Debt

Question 1

What is the maximum amount of money insured by the FDIC?

Answer 1

$250,000

Question 2

What does APR stand for?

Answer 2

Annual Percentage Rate

Question 3

What are the three C’s of Credit?

Answer 3

Character, Capital, Capacity

Question 4

What is the maximum amount charged to customers for a stolen credit card? debit card?

Answer 4

Credit card = $50

Debit card = $500

Question 5

What act was passed in 1968 to protect consumers by requiring credit organizations to disclose all information regarding borrowing money?

Answer 5

Truth in Lending Act (TILA)

Question 6

What is the term given to the difference of a real estate’s worth and how much the owner owes on the mortgage?

Answer 6

Equity

Question 7

How many days must credit card companies give customer’s to pay after mailing out bills?

Answer 7

21 days

Question 8

What are the two things a person under 21 needs to receive a credit card?

Answer 8

Cosigner OR proof of income

Question 9

What are the the five factors in determining your credit score?

Answer 9

Payment history
Balances
Age of credit history
Credit inquires
Types of credit (car, student, home)

Question 10

How many days notice must credit card companies give customers before changing interest rates?

Answer 10

45 days