Solved by verified expert :122. (p. 172) According
to the Fair Credit Billing Act, if a creditor fails to follow the rules that
apply to correcting any billing errors, you have the right to sue for
A. Actual damages
B. Actual damages plus
twice the amount of any finance charges
C. The amount owed on the item in question
D. Three times the actual damages
E. Nothing
123. (p. 173) All
of the following are signs of financial trouble except:
A. You use savings to pay for necessities such as food
and utilities.
B. You receive second and third payment due notices from
creditors.
C. You exceed the credit limits on your credit cards.
D. You pay your credit card
bills in full each period.
E. The total balance on your credit cards increases
every month.
124. (p. 174) The
Consumer Credit Counseling Service
A. Aids families with
serious debt problems by helping them to manage their money better and set up a
realistic budget
B. Is a consolidation firm that will manage bills for a
percentage of the total payment due
C. Provides counseling, usually for a fee
D. Is a program to wipe out your debts within two years
E. All of the above are correct
125. (p. 175) Personal
bankruptcy can be filed under which section(s) of the U.S. bankruptcy
code?
A. Chapter 7
B. Chapter 11
C. Chapter 13
D. A and C are correct
E. B and C are correct
126. (p. 175) Under
Chapter 7 o f the U. S. Bankruptcy code,
A. All debts are forgiven
B. Alimony and child support debts are released
C. Certain assets receive
some protection
D. Taxes and fines no longer need to be paid
E. Debt arising from driving while intoxicated is
forgiven
127. (p. 176) Following
the signing of The Bankruptcy Abuse Prevention and Consumer Protection Act of
2005, debtors seeking to erase all debts will have to wait ___ years from their
last bankruptcy before they can file again.
A. One
B. Three
C. Seven
D. Eight
E. Ten
128. (p. 149) Rachel
Efron went to the ATM to draw $200 cash with her debit card. She inadvertently
pulled out her credit card instead, not realizing the expenses for cash
advances. If her credit card company charges a cash advance fee of 3 percent
and interest at 24 percent APR, what are the total fees she will pay for her
mistake?
A. $2
B. $4
C. $6
D. $10
E. $24
129. (p. 149) Timothy
Calibe went out to eat with his girlfriend at a fancy restaurant. When he tried
to pay the bill with his Mastercard credit card, he was told that the
restaurant only accepted cash or American Express. His waiter suggested that he
use the ATM across the street to withdraw cash using his credit card. Tim did
as suggested and didn’t pay attention to any fees until he received his credit
card statement one month later. He was shocked to see the total fees (3 percent
cash advance) and his APR was increased to 21 percent. Given the cost of the
meal ($150) plus the associated fees, how much did his meal cost him?
A. $2.63
B. $4.50
C. $150
D. $157.13
E. $186.00
130. (p. 149) Acme
Home Lending offers home equity loans up to 75 percent of the home value for
its customers. If Sally Johnson has a home valued at $200,000 and a current
mortgage of $65,000, how much can she borrow in a home equity loan from
Acme?
A. $65,000
B. $75,000
C. $85,000
D. $101,250
E. $150,000
131. (p. 151) If
Vinay charged $300 on his credit card with 18 percent APR and he paid his
balance in full within the grace period, how much was he required to pay?
A. $4.50
B. $18.00
C. $295.50
D. $300.00
E. $304.50
