Reference no: EM1352942
1) The debit card:
a)Debits your account at the moment you buy goods or services
b)Credits your account at the moment you buy goods or services
c)Is a new type of a credit card issued by VISA international
d)Is really like a travel and entertainment card
2) If you co-sign a loan with another person:
a)You are not being asked to guarantee the debt
b)It is not your legal responsibility to pay the debt
c)You'll have to pay up to the full amount of the debt if the other borrower does not pay
d)The creditor must first try to collect from the borrower
3) Which federal law regulates the use of credit reports, requires the deletion of obsolete information, and gives you access to your files?
a)The Truth in Lending Act of 1969
b)The Fair Debit Collection Practices Act of 1978
c)The Equal Credit Opportunity Act of 1975
d)The Fair Credit Reporting Act of 1971
4) If there is incorrect information in your credit file:
a)You should sue the credit bureau
b)You must sue the merchant who denied the credit
c)The credit bureau must reinvestigate and modify or remove inaccurate date
d)You cannot dispute the derogatory information
5) A bank that is looking at your past payment records on your loans is most likely examining which aspect of the 5Cs of lending?
a)Character
b)Capacity
c)Collateral
d)Capital
6) Which of the following taxes is only paid on the first $102,000 of your salary in 2008?
a)Federal Income Tax
b)Social Security Tax
c)Medicare Tax
d)All of the above
7) Self-employed individuals pay FICA at the rate of
a)1.45 percent
b)7.65 percent
c)15.3 percent
d)20.9 percent
8) If you have a salary of $30,000, an IRA deduction of $2,000, a standard deduction of $4,400, and a FICA rate of 7.65 percent, how much did you pay in FICA this year?
a)$1,805
b)$1,958
c)$2,142
d)$2,295
9) Which of the following is NOT a tax filling status option?
a)Single
b)Divorced
c)Married filing joint return
d)Head of household
10) Gross income includes all of the following EXCEPT
a)Salary or wages
b)Interest or dividends received
c)Employer's current contribution to 401K
d)Capital gains realized
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