Question 1

Chapter 7 bankruptcy will typically:

Accepted Answer

A)  eliminate most debt obligations. 
B)  require monthly payments to a bankruptcy trustee. 
C)  stay on one's credit record up to 10 years. 
D)  a and c 
E)  a,b,and c 
A)  eliminate most debt obligations. 
B)  require monthly payments to a bankruptcy trustee. 
C)  stay on one's credit record up to 10 years. 
D)  a and c 
E)  a,b,and c

Question 2

Credit report is routinely used to predict creditworthiness.

Accepted Answer

A) True 
 B)False

Question 3

Secured credit cards require that the card holder puts up collateral in order to get the card.

Accepted Answer

A) True 
 B)False

Question 4

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-Most of your debts would be totally discharged underChapter [7 | 13] of the federal bankruptcy law.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 5

Credit bureaus provide information about prospective borrowers.

Accepted Answer

A) True 
 B)False

Question 6

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-Using [credit | savings] to handle financial emergencies is the recommended choice.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 7

The lender uses a credit application to determine whether the borrower has the _____ to handle the debt.

Accepted Answer

A)  character and confidence 
B)  confidence and capacity 
C)  acumen and capacity 
D)  character and capacity 
E)  credit and character 
A)  character and confidence 
B)  confidence and capacity 
C)  acumen and capacity 
D)  character and capacity 
E)  credit and character

Question 8

Bank credit card cash advances will begin accruing interest charges immediately.

Accepted Answer

A) True 
 B)False

Question 9

As a percent of take-home pay,monthly consumer credit payments should not exceed:

Accepted Answer

A)  25%. 
B)  20%. 
C)  15%. 
D)  10%. 
E)  5%. 
A)  25%. 
B)  20%. 
C)  15%. 
D)  10%. 
E)  5%.

Question 10

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-A credit scoring system might assign points according to your annual income and [gender | age].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 11

Credit cards often have penalties for late payment and for exceeding credit limits.

Accepted Answer

A) True 
 B)False

Question 12

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-Your chances of being approved for a loan [increase | decrease] the higher your credit score.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 13

A credit card user's credit rating will be harmed if she pays only the minimum monthly payment on a credit card.

Accepted Answer

A) True 
 B)False

Question 14

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-The first step to take if you are having credit difficulties would be to [talk to creditors | consult a credit counselor].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 15

Chapter 7 bankruptcy will:

Accepted Answer

A)  eliminate all financial obligations. 
B)  result in the loss of all one's assets. 
C)  stay on one's credit record up to 10 years. 
D)  a and c 
E)  a,b,and c 
A)  eliminate all financial obligations. 
B)  result in the loss of all one's assets. 
C)  stay on one's credit record up to 10 years. 
D)  a and c 
E)  a,b,and c

Question 16

Persons with very poor credit ratings can still get _____ credit cards.

Accepted Answer

A)  secured 
B)  reward 
C)  prestige 
D)  affinity 
E)  retail 
A)  secured 
B)  reward 
C)  prestige 
D)  affinity 
E)  retail

Question 17

When paying for something with a check,do not give your _____ number.

Accepted Answer

A)  Social Security 
B)  credit card 
C)  driver's license 
D)  a and b 
E)  a,b,and c 
A)  Social Security 
B)  credit card 
C)  driver's license 
D)  a and b 
E)  a,b,and c

Question 18

Appropriate reasons to use credit include:

Accepted Answer

A)  convenience. 
B)  durable expenses. 
C)  investment. 
D)  emergencies. 
E)  all of the above 
A)  convenience. 
B)  durable expenses. 
C)  investment. 
D)  emergencies. 
E)  all of the above

Question 19

Debit cards are a form of credit that is very convenient to use.

Accepted Answer

A) True 
 B)False

Question 20

Always paying cash is helpful in establishing a high level of creditworthiness.

Accepted Answer

A) True 
 B)False

Chapter 7 bankruptcy will typically:

Credit report is routinely used to predict creditworthiness.

Secured credit cards require that the card holder puts up collateral in order to get the card.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Most of your debts would be totally discharged underChapter [7 | 13] of the federal bankruptcy law.

Credit bureaus provide information about prospective borrowers.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Using [credit | savings] to handle financial emergencies is the recommended choice.

The lender uses a credit application to determine whether the borrower has the _____ to handle the debt.

Bank credit card cash advances will begin accruing interest charges immediately.

As a percent of take-home pay,monthly consumer credit payments should not exceed:

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -A credit scoring system might assign points according to your annual income and [gender | age].

Credit cards often have penalties for late payment and for exceeding credit limits.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Your chances of being approved for a loan [increase | decrease] the higher your credit score.

A credit card user's credit rating will be harmed if she pays only the minimum monthly payment on a credit card.

Chapter 7 bankruptcy will:

Persons with very poor credit ratings can still get _____ credit cards.

When paying for something with a check,do not give your _____ number.

Appropriate reasons to use credit include:

Debit cards are a form of credit that is very convenient to use.

Always paying cash is helpful in establishing a high level of creditworthiness.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters

Exam 6: Using Credit

Chapter 7 bankruptcy will typically:

Credit report is routinely used to predict creditworthiness.

Secured credit cards require that the card holder puts up collateral in order to get the card.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Most of your debts would be totally discharged underChapter [7 | 13] of the federal bankruptcy law.

Credit bureaus provide information about prospective borrowers.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Using [credit | savings] to handle financial emergencies is the recommended choice.

The lender uses a credit application to determine whether the borrower has the _____ to handle the debt.

Bank credit card cash advances will begin accruing interest charges immediately.

As a percent of take-home pay,monthly consumer credit payments should not exceed:

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -A credit scoring system might assign points according to your annual income and [gender | age].

Credit cards often have penalties for late payment and for exceeding credit limits.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Your chances of being approved for a loan [increase | decrease] the higher your credit score.

A credit card user's credit rating will be harmed if she pays only the minimum monthly payment on a credit card.

Chapter 7 bankruptcy will:

Persons with very poor credit ratings can still get _____ credit cards.

When paying for something with a check,do not give your _____ number.

Appropriate reasons to use credit include:

Debit cards are a form of credit that is very convenient to use.

Always paying cash is helpful in establishing a high level of creditworthiness.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters