MM Chapter 3 And 4 MC Part 1: Question Preview (ID: 23860)

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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) 5 years
c) 1 year
d) 30 years

Which of the following is a sign that your identity may have been stolen?
a) all of these
b) your credit report shows accounts you didn't open
c) a call from a collection agency about a debt you didn't 'incur
d) bank and billing statements don't arrive on time

Which of the following is the most cost-effective option for purchasing a home?
a) 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%
b) get a 30 year mortgage with a 20% down payment
c) get a 15 year mortgage with a 5% down payment
d) get a 30 year mortgage so that you can get the lowest possible payments

A credit score is intended to measure
a) how well you handle debt
b) the amount of money you have in your bank account
c) your income level
d) your financial success

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) studies show that there is not change in spending behavior whether a person used cash or credit
c) people typically spend less when they know they are earning credit card rewards
d) spending behavior does not matter as long as you pay off the credit card balance each month

Which of the following is not a credit myth
a) borrowing money can have serious consequences and prevent you from building wealth
b) debt is a tool and should be used to create prosperity
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

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) history of rental and utility payments
c) amount of your down payment and employment history
d) you cannot get a mortgage without a credit history

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) using credit cards
d) getting a personal loan from the bank

Which of the following is not a good idea for getting out of debt
a) borrow money from your parents to pay for the debt
b) quit borrowing money
c) sell something
d) get a part time job or work overtime

Which of the following things cannot be done with a debit card but can be done with a credit card
a) go into debt
b) purchase an airline ticket
c) rent a car
d) purchase something online

What factors affect a credit score
a) all of these
b) type of debt
c) duration of debt
d) new debt

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

Which of the following is not a recommended step in the Drive Free method of purchasing a car
a) explore new car dealerships for the best interest rate
b) place your savings in a mutual fund so that your money can make more money
c) start with an inexpensive car and gradually move up in car value as your savings increase
d) plan your purchase in advance using the sinking fund method

Which of the following is a consequence of overdrawing your checking account
a) all of these
b) overdraft fee from the bank
c) bounced check fee from the store
d) stress from money mismanagement

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