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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
Debt
B
Net Worth
C
Money
D
Assets
2) Which of the following is NOT eliminated when chapter 7 bankruptcy is filed?
A
Student Loans
B
Child Support
C
Taxes
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
Chapter 7
C
Both chapters 7 and 13
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
Get a new social security card
B
Decide to never have credit
C
Open new credit cards
D
Make a plan to rebuild credit
6) What effect does filing bankruptcy have on your credit score?
A
Has no effect
B
Lowers it
C
Creates new credit reports
D
Raises 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
2-3 years
D
6-12 months
8) What would be a practical way to build credit?
A
Only ever use cash from here on out
B
Cancel all remaining credit cards
C
Have a variety of credit (store card, major card, car loan)
D
Get a co-signer for everything
9) Which is NOT a top 3 reason people file for bankruptcy?
A
Too high of taxes
B
Medical expenses
C
Unaffordable mortgage/foreclosure
D
Living beyond their means
10) What two types of bankruptcy are discussed in this lesson?
A
Chapters 7 and 13
B
Chapters 12 and 13
C
Chapters 7 and 9
D
Chapters 8 and 9
*select an answer for all questions
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