Which of the following would be prohibited by the Equal Credit Opportunity Act (ECOA)?

refusal to issue credit to a credit-qualified woman who is separated from her a. husband because she defaulted on a car loan 2 years ago refusal to issue credit to a Hispanic male with a criminal record and who is still on b. probation c. refusal to issue credit to a wife who refuses to disclose her husband's income refusal to issue a credit card to a veteran whose only income is from Social d. Security status: not answered () correct: d your answer: 2 Which of the following is NOT regulated by the Truth-in-Lending Act (TILA)?

a. open-end credit b. closed-end credit c. home solicitation sales d. business purchases status: not answered () correct: d your answer: 3 Which of the following is an example of an open-end credit transaction?

a. a VISA card b. a car loan c. a home mortgage d. a student loan

status: not answered () correct: a your answer: 4 Which of the following is NOT required in a closed-end credit disclosure?

a. whether there are any prepayment penalties b. the comparative cost of credit with other lenders c. whether the creditor is taking a security interest in any of the debtor's property d. the number of payments, amount of payments, and when those payments are due status: not answered () correct: b your answer: 5 Which of the following statements in an ad would trigger the requirement for full disclosure of all credit terms?

a. "We have credit available for you." b. "Payments as low as $188.00 per month." c. "We have installment payment plans." d. "Monthly payments available." status: not answered () correct: b your answer: 6 When does the three-day cooling off period apply in credit transactions?

a. for any credit card purchases over $500 b. for all auto loans

c. when the creditor takes a security interest in the debtor's home d. for all loans involving an APR figure status: not answered () correct: c your answer: 7 To which of the following can a consumer reporting agency NOT disclose credit information?

a. a potential employee b. a creditor who has a signed application from a debtor c. a college or university evaluating an applicant for admission d. a court with a subpoena status: not answered () correct: c your answer: 8 Which of the following could be disclosed by a consumer reporting agency as part of a credit report on a consumer?

a. a bankruptcy seven years earlier b. a lawsuit dismissed eight years ago c. a criminal conviction for which the sentence ended 12 years ago a bankruptcy 11 years ago and a lawsuit in which a judgment was rendered 9 d. years ago status: not answered () correct: a your answer:

9 Which of the following is the provision in bankruptcy that deals with consumer debt adjustment plans?

a. Chapter 11 b. Fair Debt Collections Practices Act (FDCPA) c. Chapter 7 d. Chapter 13 status: not answered () correct: d your answer: 10 Which of the following is subject to the Fair Debt Collections Practices Act (FDCPA)?

a. an attorney collecting Target debts from Target customers for Target Macy's collecting debts from Macy's customers out of a special credit facility b. owned by Macy's but not located near any Macy's stores supplier Timberland Shoes collecting the amount Macy's owes it for shoe c. deliveries d. the IRS collecting taxes from consumers status: not answered () correct: a your answer: 11 The Equal Credit Opportunity Act prohibits a denial of credit on the basis of:

a. income. b. credit history. use of alimony or child support income to qualify and marital status of the c. applicant. status: not answered ()

correct: c your answer: 12 Which of the following is not a required disclosure under the Consumer Leasing Act?

a. excessive wear and mileage b. warranty protections c. early termination provisions d. trade-offs or rebates given at the time of signing status: not answered () correct: b your answer: 13 Which is not a penalty for violations of the Fair Debt Collections Practice Act?

a. cease and desist orders b. monetary penalties c. payments to debtors d. criminal charges status: not answered () correct: d your answer: 14 Which of the following is prohibited by the FDCPA?

a. calling a debtor at 8:00 AM b. notifying a debtor's employer of an uncollected debt of an employee c. sending a letter to the debtor's home

d. contacting the debtor's spouse to parents for information regarding the debt status: not answered () correct: b your answer: 15 The Consumer Credit Protection Act:

a. limits garnishment of wages for past-due child support to 25% of net wages. b. limits the amount of debtor wages for garnishment to 25% of net wages. c. allows an employer to fire an employee for garnishment. status: not answered () correct: b your answer: 16 Which of the following provisions in federal bankruptcy law pertains to corporate reorganizations?

a. Chapter 11 b. Chapter 7 c. Chapter 13 d. Chapter 14 status: not answered () correct: a your answer: 17 Under the Fair Credit Reporting Act, which of the following disclosures could not be made by a credit reporting agency?

a. a potential employer

b. a court c. a department store looking for good credit risks for solicitation status: not answered () correct: c your answer: 18 To which of the following does the three-day-cooling-off period not apply?

a. credit cards solicited at home through the mails b. home solicitation sales c. home equity loans status: not answered () correct: a your answer: 19 Which of the following acts provides the disclosure requirements for closed-end credit transactions?

a. Fair Credit Reporting Act b. Truth-in-Lending Act c. Fair Credit Billing Act d. Fair Debt Collections Practices Act status: not answered () correct: b your answer: 20 A creditor cannot use receipt of public assistance income as a basis for denying credit. True

False status: not answered () correct: true your answer: 21 A violation of the Equal Credit Opportunity Act carries criminal penalties. True False status: not answered () correct: false your answer: 22 A credit card is an example of a closed-end credit transaction. True False status: not answered () correct: false your answer: 23 The APR must be disclosed in a closed-end credit transaction. True False status: not answered () correct: true your answer: 24 The three-day-cooling-off provisions apply in home solicitation sales. True False status: not answered () correct: true your answer:

25 The three-day-cooling-off provisions apply in home equity loans. True False status: not answered () correct: true your answer: 26 Regulation Z is another name for the Fair Credit Billing Act. True False status: not answered () correct: false your answer: 27 Under the Fair Credit Reporting Act, debtors have access to their credit reports only upon applying for credit. True False status: not answered () correct: false your answer: 28 A bankruptcy of 12 years ago cannot be carried on a credit report. True False status: not answered () correct: true your answer: 29 If a debtor has applied for a loan of over $50,000, a criminal conviction with the sentence completed 10 year ago could still be reported on a credit report. True

False status: not answered () correct: true your answer: 30 A security interest allows a creditor to repossess any goods of the debtor in the event the debtor defaults on repayment. True False status: not answered () correct: false your answer: