Quiz for B2B: The Cost of Credit – Understanding Finance Charges
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Question 1 of 10
1. Question
- The finance charge is the cost of _________ credit as a dollar amount
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Question 2 of 10
2. Question
2. __________costs are excluded from a finance charge as the consumer is not paying those costs.
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Question 3 of 10
3. Question
3. Is an e-recording fee considered a finance charge?
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Question 4 of 10
4. Question
4. Are future lien release fees considered a finance charge?
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Question 5 of 10
5. Question
5. Assume that a bank lumps together certain fees related to flood insurance like the flood determination and life-of-loan fees. If the bank lumps together finance charges and non-finance charges in this situation, what charges are exempt and what are considered finance charges?
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Question 6 of 10
6. Question
6. Regulation B does not apply to Commercial transactions.
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Question 7 of 10
7. Question
7. For a TRID loan, what of the following elements can a bank require? (Select all that apply)
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Question 8 of 10
8. Question
8. Can the bank collect more information than the six items for TRID loans?
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Question 9 of 10
9. Question
9. Which of the following is a protected class under Fair Lending?
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Question 10 of 10
10. Question
10. The bank can require someone to sign on a loan before evaluating the individual applicants credit worthiness?