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ABA CTFA Practice Test - Questions Answers, Page 31

List of questions

Question 301

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The amount of interest one pays to open credit depends_______ on the method the lender uses to calculate the balances on which they apply finance charges.

Partly
Partly
Fully
Fully
Quarterly
Quarterly
None of these
None of these
Suggested answer: A
asked 16/09/2024
Sathish M
53 questions

Question 302

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They say it pays to shop around and when it comes to credit cards that are certainly true. Regardless of which category they fall into, there are basically four credit card features to look for. Which of the following is/are out of those features?

Annual fees
Annual fees
Rate of interest charged on account balance
Rate of interest charged on account balance
Length of the expiration period
Length of the expiration period
Method of calculating balances
Method of calculating balances
Suggested answer: C
asked 16/09/2024
Quintin van Rooyen
46 questions

Question 303

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It is a form of legal recourse open to insolvent debtors, who may petition a court for protection from creditors and arrange for the orderly liquidation and distribution of their assets.

Personal bankruptcy
Personal bankruptcy
Straight bankruptcy
Straight bankruptcy
Wage earn plan
Wage earn plan
Both A and B
Both A and B
Suggested answer: A
asked 16/09/2024
Vasil Ishmatov
46 questions

Question 304

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It is a legal proceeding that results in ''wiping the slate clean and starting anew''; most of the debtor's obligations are eliminated in an attempt to put the debtor's financial affairs in order. What is it?

Personal bankruptcy
Personal bankruptcy
Straight bankruptcy
Straight bankruptcy
Wage earn plan
Wage earn plan
Both A and B
Both A and B
Suggested answer: B
asked 16/09/2024
Ada Galilea
52 questions

Question 305

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It is a professional financial advisor who assists overextended consumers in repairing budgets for both spending and debt repayment.

Credit counselor
Credit counselor
Consumer counselor
Consumer counselor
Financial planner
Financial planner
Underwriter
Underwriter
Suggested answer: A
asked 16/09/2024
Kaniamuthan K
49 questions

Question 306

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Loans made for specific purposes using formally negotiated contracts that specify the borrowing terms and repayments are called:

Mortgage loans
Mortgage loans
Credit lines
Credit lines
Consumer loans
Consumer loans
SME loans
SME loans
Suggested answer: C
asked 16/09/2024
christopher patrick
33 questions

Question 307

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Collateral is a/an:

An item of value used to secure the interest amount
An item of value used to secure the interest amount
An item of value used to secure the principle portion of a loan
An item of value used to secure the principle portion of a loan
An item of value used to secure the credit line of a loan
An item of value used to secure the credit line of a loan
An item of value used to secure the repayments of a loan
An item of value used to secure the repayments of a loan
Suggested answer: B
asked 16/09/2024
Salah Dabwan
30 questions

Question 308

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Student loans are amortized with monthly payments over a period of 5 to 10 years. To help you service the debt, if you have several student loans outstanding then you can consolidate the loans, at a single blended rate, and extend the repayment period to s long as:

20 years
20 years
30 years
30 years
25 years
25 years
40 years
40 years
Suggested answer: A
asked 16/09/2024
Inkisar Malik
41 questions

Question 309

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Single payment loan is a loan:

Made for a specified period
Made for a specified period
At the end of which payment is due in full
At the end of which payment is due in full
At the end of which half of the payment is due
At the end of which half of the payment is due
That expires within a year
That expires within a year
Suggested answer: A, B
asked 16/09/2024
Andrew Li
35 questions

Question 310

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A loan that is repaid in a series of fixed, scheduled payments rather than a lump-sum is referred to as:

Single payment loan
Single payment loan
Mortgage loan
Mortgage loan
Installment loan
Installment loan
College savings plan
College savings plan
Suggested answer: C
asked 16/09/2024
Tracy Sampson
38 questions
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