Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
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
1 year
B
10 years
C
30 years
D
5 years
2) Which of the following is a sign that your identity may have been stolen?
A
all of these
B
a call from a collection agency about a debt you didn't 'incur
C
bank and billing statements don't arrive on time
D
your credit report shows accounts you didn't open
3) Which of the following is the most cost-effective option for purchasing a home?
A
get a 30 year mortgage with a 20% down payment
B
get a 30 year mortgage so that you can get the lowest possible payments
C
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%
D
get a 15 year mortgage with a 5% down payment
4) A credit score is intended to measure
A
the amount of money you have in your bank account
B
how well you handle debt
C
your financial success
D
your income level
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
people typically spend less when they know they are earning credit card rewards
B
studies show that consumers typically spend more when using credit as opposed to cash purchases
C
spending behavior does not matter as long as you pay off the credit card balance each month
D
studies show that there is not change in spending behavior whether a person used cash or credit
6) Which of the following is not a credit myth
A
debt is a tool and should be used to create prosperity
B
borrowing money can have serious consequences and prevent you from building wealth
C
you have arrived financially once you get approved for a credit card
D
the lottery and other forms of gambling will make you rich
7) If you do not have a FICO score, what factors will determine whether or not you qualify for a mortgage
A
history of rental and utility payments
B
you cannot get a mortgage without a credit history
C
amount of your down payment and employment history
D
both your rental history and amount of your down payment and employment history
8) Which of the following is not a factor in determining a FICO score
A
paying cash for all purchases
B
taking out a mortgage
C
getting a personal loan from the bank
D
using credit cards
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
borrow money from your parents to pay for the debt
C
quit borrowing money
D
sell something
10) Which of the following things cannot be done with a debit card but can be done with a credit card
A
purchase an airline ticket
B
purchase something online
C
go into debt
D
rent a car
11) What factors affect a credit score
A
duration of debt
B
new debt
C
type of debt
D
all of these
12) Which of the following statements is false
A
under the Fair Credit Reporting Act, consumers are allowed to receive one free credit report every 5 years
B
Under the Fair Credit Reporting Act, creditors must notify consumers if they deny credit based on a credit report
C
Prior to the Fair Credit Reporting Act, consumers were unable to challenge errors in their credit reports
D
The US Congress enacted the Fair Credit Reporting Act to address concerns over accuracy, privacy, and fairness
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
place your savings in a mutual fund so that your money can make more money
C
plan your purchase in advance using the sinking fund method
D
explore new car dealerships for the best interest rate
14) Which of the following is a consequence of overdrawing your checking account
A
all of these
B
bounced check fee from the store
C
overdraft fee from the bank
D
stress from money mismanagement
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?