ladyl asked:


1: With a credit card you are able to receive money, goods, or services in the present, in exchange for a promise to pay in the future.
True
False

2: Minimum payments are a trap; they are often designed so that it takes months or years to pay off the balance.
True
False

3: The adjusted balance is a measure of the cost of credit, expressed as a yearly rate that must be disclosed before you become obligated on the account and on your account statements.
True
False

4: Federal law prohibits issuers from sending you a renewal or substitute card without your request.
True
False

5: Accurate negative information can generally stay on your credit report for seven years, with certain exceptions.
True
False

6: Realistic budgeting, credit counseling from a reputable organization, debt consolidation, or bankruptcy are all methods of dealing with debt.
True
False

7: Chapter 7, known as straight bankruptcy, involves liquidating all assets that are not exempt. (Exempt items would include items such as work-related tools and basic household furnishings.)
True
False

8: In exchange for an up-front fee, companies which guarantee that applicants will get the credit they want-usually a credit card or a personal loan – are always pre-approved by the FTC.
True
False

9: “Dead Man Walking” was an example of companies scamming citizens out of their social security benefits.
True
False

10: Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year.
True
False

Bobby