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Econ Final

The maximum amount that a dealer may charge you to prepare the title paperwork is....
$5
$10
How often do you have to renew your auto insurance
Every 6 months
Annually
Type of insurance that covers bodily injuries or others if you cause an accident?
Liability Insurance
Compatible Insurance
The amount you initally want to pay on your car
20%
100%
Yearly rate of interest charged for the use of credit
Annual Percentage Rate
Annual Fee
Type of insurance that replaces value of car if stolen or hail damage
Comprehensive
Compatible
A price reduction given to stimulate the dealership to push more product onto the public?
Dealer Insentive
Automotive Dealership
The longer the term of the loan, what will happen to the interest rate?
Increase
Decrease
Get the....
Car Fax
Allstate Quote
What is the current prime rate?
3.75%
75%
If you want to get your plates at the DMV, what tax will you pay?
Ownership/ Property Tax
DMV Fee
The 2nd most important part of your credit score is your level of
Debt
Credit card
Consumers should review their credit beaureau how often?
1 time a year
Once in your life
The rate on a new car will be ________ than a used car
Lower
Higher
Most used cars go down by ________ in the first year
40%
100%
As prices rise, so does the demand for....
Money
Coins
In order to avoid paying private mortgage insurance, you must have a down payment of what percent or more on a home
20%
50%
Term for interest charged by banks on short term loans, given to the best customers
Prime Rate
Composite Rate
How did the US government make the American Public have confidence w/ natural currency in 1870
Gold Standard
Silver Standard
Who is current chair person of the federal reserve?
Janet Yellen
Barrack Obama
How many members are appointed to federal reserve board of governors?
7 members
12 memebers
If you have an older car w/ lower market value, it may be a good idea to lower the premium by dropping ______ coverage
Collision
Safe
Type of insurance that replaces value of car if you get in an accident
Collision
Safe
Your payment history is what % of your credit report
35%
50%
If I loan my car to a friend and she gets in an accident, is she covered?
Vehicle Insurance, Not Driver
Both Insurance and Driver
When banks loan eachother money, it is called...
Federal Fund Rate
FDIC
Interest earned on interest after added to principal?
Compound Interest
Complex Interest
Assume a 200,000 mortgage, roughly how much interest could be saved from a 30 year term to 15 year term
120,000
400,000
Approx how much will insurance go up if I have a ticket?
$100
$1000
The ability to obtain goods and services before _______ based on trust?
Credit
Debit
List 5 types of organizations that are now checking credit score
Employers, insurance company, banks, orthos, business associates, rental agencies
 
What hurts credit score
Late Payments, High Debt ratio, too many inquiries, collections, charge off, bankrupcy, too much new credit, consumer credit counseling
 
Approx. How much will insurance go up if I have 1 ticket and 1 accident
$1500
$2000
When banks borrow money from the federal reserve, it is known as
Discount Rate
Expensive Rate
In CO, what is minimum property damage for auto?
$15,000
$150,000
Income witheld from current spending
Savings
Checking
In CO, the minimum what are the liability amounts for auto?
25,000 per person w max of 50,000
Minimum of 50,000
What effect would increase a discount rate on money supply
Decrease, Less Money
Increase, More Money
What does federal reserve alter monetary policy
Lessen effects of business cycle
Worsen effects of cycle
Type of insurance on home w higher liability
Umbrella policy
Rainy policy
3 major credit beaureau companies
Experian, transunion, equifax
 
# of regional banks in federal reserve
12
30
Quality for lowest rates possible, gotta be below
720-750
800-900
 
 
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