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Personal Finanace 7.02
Test Description: Personal Finanace 7.02
Instructions: Answer all questions to get your test result.
1) Creditors typically check a borrower's credit report as evidence of a borrower's:
A
character.
B
condition.
C
capital
D
capacity.
2) A DISADVANTAGE of using credit is:
A
the convenience of paying on the Internet.
B
the payment of interest on the amount borrowed.
C
buying items at a low price on sale.
D
having a source of cash for emergencies.
3) Which is MOST suitable use of revolving credit?
A
Shopping for clothes in a retail department store
B
Buying a new automobile
C
Buying new furniture for a bedroom
D
Paying for electrical power for the past month
4) An ADVANTAGE of using credit is the:
A
payment of interest on the amount borrowed.
B
use of goods and services while making payments
C
potential to misuse credit and spend too much.
D
increase of debt resulting from credit use.
5) Matthew was deeply in debt and decided to file Chapter 7 bankruptcy. What can be concluded about Matthew?
A
He was able to clear his credit report and start over.
B
He had enough money to pay all his bills.
C
He had to sell some of his personal belongings.
D
He was able to request a free credit report every twelve months
6) Which is a strategy for getting out of debt?
A
Margie made a list of all her living expenses and amounts to repay debts each month.
B
Nora spent all of her savings and asked her uncle for a loan.
C
Patrick obtained a cash advance to buy tickets to a concert
D
Rita tried to open a new credit card account since her others had reached their limits.
7) Which is a sign of debt problems?
A
Ms. Martin saves 15% of her income each month
B
Ms. Lanning avoids the hassles of check-writing by using checking account drafts.
C
Mr. Jenkins is short-tempered because he's concerned about how he will pay the bills.
D
Mrs. Kline has a $10,000 credit limit and pays her balance in full each month.
8) Beth signed a loan agreement and then learned that the lender was a non-preferred lender. She wants to end the agreement. What should she do?
A
Check to see if she has the right to rescission of this agreement within three days
B
Make the best of the situation since she has already signed the agreement
C
Look for a lawyer and run a credit check on the lender
D
Wait and see if the lender turns out to be credible
9) Jose is nineteen and is trying to establish credit. What should he do?
A
Get a loan from his parents
B
Get a secured credit card from a financial institution
C
Borrow a friend's credit card
D
Fill out a college application
10) Credit applications usually request income information as evidence of a borrower's:
A
character.
B
credit.
C
capacity.
D
capital.
*select an answer for all questions
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