Topic 5 Quiz - results.pdf

The equal credit opportunity act ecoa prohibits a

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The Equal Credit Opportunity Act (ECOA) prohibits a lender from discriminating based on Select one: a. Race b. Nationality c. Age d. Sex e. All of these are prohibited. The correct answer is: All of these are prohibited. A credit cardholder who pays off his balances in full each month is known as Select one: a. An impulsive lender b. Convenience user c. Home equity holder d. B and C are correct e. All of the above are correct The correct answer is: Convenience user
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Question 9 Correct 5.00 points out of 5.00 Question 10 Correct 5.00 points out of 5.00 Which of the following is NOT correct? Select one: a. Credit lets you travel without carrying large amounts of cash. b. Credit creates a temptation to save. c. Credit provides efficiency by paying for several purchases with one monthly payment. d. Credit usually makes returning merchandise easier than returning cash purchases. e. Credit allows consumers to enjoy goods and services now and pay later. The correct answer is: Credit creates a temptation to save. Experts suggest that the debt payments-to-income ratio should be a maximum of Select one: a. 0 percent b. 20 percent c. 25 percent d. 50 percent e. 100 percent The correct answer is: 20 percent
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