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PF 7.02
Test Description: 7.02 questions
Instructions: Answer all questions to get your test result.
1) An advantage of using credit is:
A
having to pay more for goods and services.
B
the possibility of having credit cards stolen.
C
not having to carry cash when shopping.
D
running the risk of having goods repossessed.
2) Which is MOST LIKELY purchased using a regular charge account?
A
Buying new furniture for a bedroom
B
Buying a new gas range for the kitchen
C
Paying for electrical power for the past month
D
Shopping for clothes in a retail department store
3) Which is an example of unsecured credit?
A
The borrower had could not get a loan because his credit ratings were poor.
B
The lender did not require collateral because the borrower had good credit reports.
C
The borrower had to use his home ownership as collateral to buy the office building.
D
The lender asked the borrower to find a person to cosign the loan.
4) Writing a check from an account when there are not enough funds to cover it can reflect poorly on one’s:
A
character
B
capital
C
capacity
D
conditions
5) Diner’s Club is an example of:
A
collection agencies.
B
credit card companies.
C
travel and entertainment cards.
D
consumer advocates.
6) Which is an example of a sub-prime, or non-preferred, lender?
A
Greg obtained a loan from the credit union to repair his back porch.
B
Ellen obtained a payday loan by guaranteeing the loan with a personal check.
C
Hannah borrowed money from a savings and loan association to buy land.
D
Frank secured a cash advance from his credit card company.
7) Before he signed the loan agreement, Jerry read the fine print and noticed that the agreement called for a balloon payment to retire the loan. What should he do?
A
Go ahead and sign the agreement since a balloon payment is not a concern
B
Ask the lender to promise he will not expect this large payment at the end
C
Find out the amount of payment and what would happen if he were unable to pay
D
Sign the agreement, then ask the lender to explain what a balloon payment is
8) Which is a sign of debt problems?
A
Mrs. Young never uses her credit card to pay her monthly bills
B
Ms. Addison pays all of her bills on time each month
C
Ms. Dennis contacted Experian to obtain a copy of her credit report
D
Mr. West opened a new credit account when he reached his limit on other accounts
9) Which is a strategy for getting out of debt?
A
Sean made an appointment with a credit counselor
B
Wanda uses her credit cards to pay her monthly bills
C
Teresa reached the credit limit on her credit card
D
Vince moved to a new town to try to escape his creditors
10) Rosie decided she had no choice but to file Chapter 13 bankruptcy. What can you conclude?
A
She did not have to have a plan for repayment
B
She was not required to have credit counseling
C
She did not have to take a personal finance course
D
She was able to keep most of her personal property
*select an answer for all questions
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