Street Law: A Course in Practical Law

Chapter 25: Credit and Other Financial Services

Student Self-Assessment Quizzes

1
Which of the following is an example of credit?
A)an ATM card
B)a check
C)a debit card
D)a charge card
2
Overdraft protection is a(n)
A)check.
B)agreement of the bank to cover checks that are written when there is insufficient funds in the account.
C)ATM card.
D)agreement of the bank customer to ensure that there are sufficient funds in the bank account before writing a check.
3
If an unauthorized withdrawal was made from a checking account, the customer
A)will lose the money.
B)will lose the money unless he or she files a written statement within 30 days.
C)will lose the money unless he or she files a written statement within 60 days.
D)will not lose the money.
4
The difference between using a check and a check card is that
A)a fee is charged when using a check card.
B)a check card immediately deducts the amount from the buyer's bank account.
C)a check card can be used for more money than is in the buyer's account.
D)there is no difference.
5
Sabine lost his credit card. The thief charged $3,000 on the stolen card. Sabine will
A)have to pay $3,000.
B)not have to pay anything.
C)have to pay $50 regardless of when he notified the bank that the card was stolen.
D)will have to pay $50 only if he notified the bank within two business days of discovering the card was stolen.
6
Sabine also lost his debit card. The thief used the debit card to pay for $3,000 worth of electronic equipment. Sabine will
A)have to pay $3,000.
B)not have to pay anything.
C)will have to pay $3,000 if he notified the bank more than 60 days after the card was stolen.
D)only have to pay $50, provided that he notified the bank within 60 business days of discovering the card was stolen.
7
Finance charges include
A)interest plus other fees.
B)the amount of money borrowed.
C)10 percent of the amount borrowed.
D)5 percent of the amount borrowed.
8
If a person has an erroneous charge to their credit card, to protect their rights under the law, they should
A)call the credit card company.
B)call the merchant listed on the billing statement and protest the erroneous charge.
C)make a written complaint to the credit card company.
D)make a written complaint to the merchant listed on the billing statement.
9
For students graduating from college, college loans
A)are not common in the United States.
B)are owed by about 70 percent of students.
C)have high interest rates.
D)do not have to be repaid if the student drops out of school.
10
What debts are wiped out through bankruptcy?
A)credit card debt
B)taxes
C)child support
D)student loans
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