Business Econ. - Ch. 6 Review: Question Preview (ID: 22584)


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Bankruptcy is never the best option
a) True b) False c) d)
33% of credit reports have errors on them
a) True b) False c) d)
A cease and desist letter is something that should be sent immediately after receiving a call from a collector
a) True b) False c) d)
The Fastest growing group of bankruptcy filers is senior citizens
a) True b) False c) d)
In order to have a FICO score you must have debt
a) True b) False c) d)
Disposable income is the money paid to creditors after paying necessities.
a) True b) False c) d)
Experian, Trans Union, Equifax
a) FFDCPA b) Garnishment c) Pro Rata d) Credit Bureaus
The percent of total debt each creditor gets when you can't make minimum payments
a) FFDCPA b) Garnishment c) Pro Rata d) Credit Bureaus
Court action that allows a lender to take wages directly from a paycheck
a) FFDCPA b) Garnishment c) Pro Rata d) Credit Bureaus
States that harassment is illegal and sets call times for creditors.
a) FFDCPA b) Garnishment c) Pro Rata d) Credit Bureaus
Which of the following is not covered under a bankruptcy?
a) Student loans b) Medical bills c) Car loans d) Credit card debt
How often should you talk to a collector?
a) Once a week b) Every day c) Every two weeks d) Once a month
When should you send a cease and desist letter to creditors?
a) The first time a creditor calls b) When a creditor calls you at work c) Only in the most extreme situations d) When a creditor lies to you
A collector calls you at 7:30 am
a) Tell the collector that he is violating the FFDCPA and you are recording the call b) Tell the collector that you will talk to him once every two weeks and hang up c) Send a cease and desist letter d) Call the police
A collector blocks you driveway with their car.
a) Tell the collector that he is violating the FFDCPA and you are recording the call b) Tell the collector that you will talk to him once every two weeks and hang up c) Send a cease and desist letter d) Call the police
A collector calls you at home for the third time in a week
a) Tell the collector that he is violating the FFDCPA and you are recording the call b) Tell the collector that you will talk to him once every two weeks and hang up c) Send a cease and desist letter d) Call the police
A collector continually calls you at all hours of the day, yelling at you, verbally abusing you, and threating to garnishing your wages. You have already informed him of the FFDCPA, recorded him, and tried to work out a deal.
a) Tell the collector that he is violating the FFDCPA and you are recording the call b) Tell the collector that you will talk to him once every two weeks and hang up c) Send a cease and desist letter d) Call the police
An overdue payment is called
a) Forclosue b) Repossession c) Deliquency d) Surrender of collateral
To reclaim possession of an item because the borrower falied to make payments
a) Foreclosure b) Reposession c) Delinquency d) Surrender of collateral
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