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MM Chapter 3 And 4 MC Part 1
Test Description: Questions 30-44
Instructions: Answer all questions to get your test result.
1) Individual account information is removed from your credit report seven years after the lsat activity on the account, except for Chapter 7 bankruptcy, which stays on your credit report for
A
10 years
B
30 years
C
5 years
D
1 year
2) Which of the following is a sign that your identity may have been stolen?
A
a call from a collection agency about a debt you didn't 'incur
B
bank and billing statements don't arrive on time
C
your credit report shows accounts you didn't open
D
all of these
3) Which of the following is the most cost-effective option for purchasing a home?
A
get a 30 year mortgage so that you can get the lowest possible payments
B
putting 100% down if possible, if not getting no more than a 15 year fixed-rate mortgage with a down payment of at least 10%
C
get a 15 year mortgage with a 5% down payment
D
get a 30 year mortgage with a 20% down payment
4) A credit score is intended to measure
A
your income level
B
the amount of money you have in your bank account
C
how well you handle debt
D
your financial success
5) Which of the following best summarizes how the use of credit cars for purchases instead of cash can change one's spending behavior
A
studies show that consumers typically spend more when using credit as opposed to cash purchases
B
people typically spend less when they know they are earning credit card rewards
C
studies show that there is not change in spending behavior whether a person used cash or credit
D
spending behavior does not matter as long as you pay off the credit card balance each month
6) Which of the following is not a credit myth
A
borrowing money can have serious consequences and prevent you from building wealth
B
the lottery and other forms of gambling will make you rich
C
you have arrived financially once you get approved for a credit card
D
debt is a tool and should be used to create prosperity
7) If you do not have a FICO score, what factors will determine whether or not you qualify for a mortgage
A
both your rental history and amount of your down payment and employment history
B
you cannot get a mortgage without a credit history
C
history of rental and utility payments
D
amount of your down payment and employment history
8) Which of the following is not a factor in determining a FICO score
A
using credit cards
B
getting a personal loan from the bank
C
paying cash for all purchases
D
taking out a mortgage
9) Which of the following is not a good idea for getting out of debt
A
get a part time job or work overtime
B
quit borrowing money
C
sell something
D
borrow money from your parents to pay for the debt
10) Which of the following things cannot be done with a debit card but can be done with a credit card
A
rent a car
B
purchase something online
C
go into debt
D
purchase an airline ticket
11) What factors affect a credit score
A
all of these
B
duration of debt
C
type of debt
D
new debt
12) Which of the following statements is false
A
Under the Fair Credit Reporting Act, creditors must notify consumers if they deny credit based on a credit report
B
under the Fair Credit Reporting Act, consumers are allowed to receive one free credit report every 5 years
C
The US Congress enacted the Fair Credit Reporting Act to address concerns over accuracy, privacy, and fairness
D
Prior to the Fair Credit Reporting Act, consumers were unable to challenge errors in their credit reports
13) Which of the following is not a recommended step in the Drive Free method of purchasing a car
A
start with an inexpensive car and gradually move up in car value as your savings increase
B
explore new car dealerships for the best interest rate
C
place your savings in a mutual fund so that your money can make more money
D
plan your purchase in advance using the sinking fund method
14) Which of the following is a consequence of overdrawing your checking account
A
all of these
B
stress from money mismanagement
C
overdraft fee from the bank
D
bounced check fee from the store
*select an answer for all questions
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