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ABA CTFA Practice Test - Questions Answers, Page 31

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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.

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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?

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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.

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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?

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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.

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Question 306

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

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Question 307

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Collateral is a/an:

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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:

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Question 309

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Single payment loan is a loan:

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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:

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