Exam (elaborations)
W!SE Personal Finance Exam With Complete Solutions
- Course
- Institution
W!SE Personal Finance Exam With Complete Solutions
[Show more]
Seller
Follow
Lectphilip
Content preview
W!SE Personal Finance Exam WithComplete Solutions
3 C's of Credit - Correct Answer - Capacity, Character, & Collateral
Character - Correct Answer - Integrity/trustworthiness
Capacity - Correct Answer - Sufficient funds for payment
Collateral - Correct Answer - Assets to secure debt payment
Borrower's Collateral - Correct Answer - Must be equal to payment so loaner can take it if needed
APR - Correct Answer - Interest rate that does not include compounding; must be disclosed on a loan
agreement
Auto Finance Companies - Correct Answer - Provide services for retail and wholesale automotive
dealers
Banks - Correct Answer - Notifies IRS of $10,000 or more bank deposits within 15 days
Blank Check Endorsement - Correct Answer - Can be used by anyone
, Money Orders - Correct Answer - Purchased certificates to pay a specified amount to a specific person
like checks
Cancelled Checks - Correct Answer - Not returned by banks to save money
Series EE Savings Bond - Correct Answer - Sold for half their value & bought back for their full value at a
later date
Uncollateralized Loan - Correct Answer - Doesn't have assets to cover the amount borrowed
Collateralized Loan Example - Correct Answer - Pawn shop selling
Open-End Credit Example - Correct Answer - Department store charge card
Open-End Credit - Correct Answer - Source of credit with a limit & interest rate for outstanding balance
FHA Requirements - Correct Answer - Make low enough income
Federal Housing Administration (FHA) - Correct Answer - Insures mortgage loans to those who don't
have money for low-cost mortgages
FHA Goal - Correct Answer - To make home-buying accessible to the poor
Outstanding Credit Card Balance Solution - Correct Answer - Negotiate a new payment plan with card
companies
Bankruptcy on a Credit Report - Correct Answer - Stays for 10 years
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Lectphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75057 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now