Description
Test Bank For Personal Finance 12th Edition by E. Thomas Garman
1.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Remembering
OTHER: Analytic
NOTES: 6.1
2.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
3.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
4.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
5.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
6.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
the payments will vary according to the balance of the debt on the account.
7.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
this is why most people use credit
8.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
9.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
10.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
11.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
12.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
convenience usage should be paid off monthly.
13.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
it decreases future buying power.
14.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
15.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Remembering
OTHER: Analytic
NOTES: 6.1
16.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
the lower the APR the lower the cost of credit.
17.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
18.
a. True
b. False
ANSWER: True
POINTS: 1
DIFFICULTY: Easy
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_1 – Legal
KEYWORDS: Bloom’s: Remembering
OTHER: Analytic
NOTES: 6.1
19.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
the APR expresses the cost of credit on a yearly basis as a percentage rate.
20.
a. True
b. False
ANSWER: False
POINTS: 1
DIFFICULTY: Moderate
REFERENCES: Explain reasons for and against using credit
NATIONAL STANDARDS: United States – BB_2 – Industry
KEYWORDS: Bloom’s: Understanding
OTHER: Analytic
NOTES: 6.1
you should focus on the lowest APR.
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