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Unit 5 Lesson 5 Review
Test Description: Review for Unit 5 Lesson 5 Test
Instructions: Answer all questions to get your test result.
1) Bankruptcy is a court proceeding that occurs when someone has too much what?
A
Assets
B
Money
C
Net Worth
D
Debt
2) Which of the following is NOT eliminated when chapter 7 bankruptcy is filed?
A
Student Loans
B
Taxes
C
Child Support
D
All of the Above
3) In which bankruptcy proceeding might you not have to pay back your debts in full?
A
Chapter 13
B
Both chapters 7 and 13
C
Chapter 7
D
None of the above
4) Which type of bankruptcy leaves you with NO debt once all is done, no matter what?
A
Chapter 13
B
None of the above
C
Chapters 7 and 13
D
Chapter 7
5) The first thing someone should do after bankruptcy filings are concluded is...
A
Open new credit cards
B
Get a new social security card
C
Decide to never have credit
D
Make a plan to rebuild credit
6) What effect does filing bankruptcy have on your credit score?
A
Creates new credit reports
B
Has no effect
C
Raises it
D
Lowers it
7) How soon after bankruptcy proceedings are finalized can you begin rebuilding your credit?
A
Right away
B
You can't rebuild your credit
C
6-12 months
D
2-3 years
8) What would be a practical way to build credit?
A
Get a co-signer for everything
B
Have a variety of credit (store card, major card, car loan)
C
Cancel all remaining credit cards
D
Only ever use cash from here on out
9) Which is NOT a top 3 reason people file for bankruptcy?
A
Unaffordable mortgage/foreclosure
B
Living beyond their means
C
Medical expenses
D
Too high of taxes
10) What two types of bankruptcy are discussed in this lesson?
A
Chapters 7 and 9
B
Chapters 7 and 13
C
Chapters 8 and 9
D
Chapters 12 and 13
*select an answer for all questions
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