CON 305 Quiz #8
T/F: Credit is the same thing as debt. - ANS-False.
T/F: Credit Card use among college students is declining. - ANS-True.
T/F: the Bible encourages us to use leverage to build a business or buy a home. - ANS-False.
T/F: Borrowing money even to attend college is not truly exercising faith. - ANS-True.
T/F: If you cosign for a loan, the only wise thing to do is to assume that you will have to repay
that loan in full and set aside the money to do it. - ANS-True.
T/F: The Bible says that it is a sin to borrow money. - ANS-False.
T/F: Since God loves me and does not want me to be in bondage, He will bail me out of debt. -
ANS-False.
T/F: A good way to build a credit history is to fill out multiple credit applications. - ANS-False.
T/F: The legitimate reason for not getting a free credit report is no credit history. - ANS-False.
T/F: A balance transfer may cost you an addition fee of 3% of the amount transferred. -
ANS-True.
T/F: A credit card company will always be clear on what your interest rate will be if you pay late.
- ANS-False.
T/F: The fine print is for "accounting nerds" and college professors. - ANS-False.
T/F: One way to reduce debt is to sell unnecessary assets (cars, boats, computers, etc.). -
ANS-True.
T/F: The Bible says to stop giving long enough to get out of debt. - ANS-False.
T/F: The most common method for calculating finance charges is called the average daily
balance method. - ANS-True.
Which is not a type of credit? - ANS-Debit Card
T/F: Credit is the same thing as debt. - ANS-False.
T/F: Credit Card use among college students is declining. - ANS-True.
T/F: the Bible encourages us to use leverage to build a business or buy a home. - ANS-False.
T/F: Borrowing money even to attend college is not truly exercising faith. - ANS-True.
T/F: If you cosign for a loan, the only wise thing to do is to assume that you will have to repay
that loan in full and set aside the money to do it. - ANS-True.
T/F: The Bible says that it is a sin to borrow money. - ANS-False.
T/F: Since God loves me and does not want me to be in bondage, He will bail me out of debt. -
ANS-False.
T/F: A good way to build a credit history is to fill out multiple credit applications. - ANS-False.
T/F: The legitimate reason for not getting a free credit report is no credit history. - ANS-False.
T/F: A balance transfer may cost you an addition fee of 3% of the amount transferred. -
ANS-True.
T/F: A credit card company will always be clear on what your interest rate will be if you pay late.
- ANS-False.
T/F: The fine print is for "accounting nerds" and college professors. - ANS-False.
T/F: One way to reduce debt is to sell unnecessary assets (cars, boats, computers, etc.). -
ANS-True.
T/F: The Bible says to stop giving long enough to get out of debt. - ANS-False.
T/F: The most common method for calculating finance charges is called the average daily
balance method. - ANS-True.
Which is not a type of credit? - ANS-Debit Card
