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AFCPE QUIZ BOWL QUESTIONS WITH 100% CORRECT ANSWERS!!
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AFCPE QUIZ BOWL QUESTIONS WITH 100% CORRECT ANSWERS!!
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AFCPE QUIZ BOWL QUESTIONS WITH 100%CORRECT ANSWERS!!
Positive uses of credit Answer - Home, feeling of security, rewards, travel, etc.
Negative uses of credit Answer - Debt-overloading, overspending, impact on
financial goals, etc.
APR Answer - An annual percentage rate (APR) is the annual rate charged for
borrowing or earned through an investment, and is expressed as a percentage
that represents the actual yearly cost of funds over the term of a loan.
Describe the criteria for obtaining credit Answer - Get a secured credit card,
pay off balance in full/on-time every month, Avoid applying for numerous
accounts. (payment history, utilization, length of credit, mix of credit, shopping
for credit)
What is a security freeze? Answer - A security freeze is an effective tool in
preventing the most costly and difficult-to-detect form of identity theft ― false
new accounts opened in your name. New account fraud occurs when a thief
uses the victim's personal information to open up one or more new accounts
for credit or services in the victim's name.
What are usury laws? Answer - Usury laws are regulations governing the
amount of interest that can be charged on a loan. Usury laws specifically target
the practice of charging excessively high rates on loans by setting caps on the
maximum amount of interest that can be levied. These laws are designed to
protect consumers.
, Consumer finance company Answer - A financial institution that specializes in
providing loans directly to consumers who are unable to secure bank loans. A
consumer finance company generally charges a higher interest rates than a
bank.
Debt-consolidation loan Answer - Debt consolidation is a type of debt
refinancing that allows consumers to pay off other debts. In general, debt
consolidation entails rolling several unsecured debts, such as credit cards,
personal loans or medical bills, into one single bill that's paid off with a loan.
Credit repair companies Answer - Removes negative items from your credit
report and help improve your FICO score, making it easier to obtain a home,
vehicle, mortgage, or insurance
Credit Counseling agency Answer - can advise you on your money and debts
Debt management plan Answer - a plan to get you out of debt
Payday lenders Answer - A payday loan is a type of short-term borrowing
where an individual borrows a small amount at a very high rate of interest.
Rent-to-own Answer - also known as rental-purchase, is a type of legally
documented transaction under which tangible property, such as furniture,
consumer electronics, motor vehicles, home appliances and real property, is
leased in exchange for a weekly or monthly payment, with the option to
purchase at some point during the agreement.
Pawnshops Answer - loan an item to pawnshop for money. Have to pay back
principal plus interest
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