Dollars And Sense Unit 2 Test Review MC: Question Preview (ID: 32711)

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Which of the following is NOT a factor in determining a FICO score?
a) paying cash for all purchases
b) getting a personal loan from the bank
c) using credit cards
d) taking out a mortgage on a house

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) get a part time job or work overtime
d) sell something

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

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 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) Start with an inexpensive car and gradually move up in car value as your savings increase
c) Plan your purchase in advance using the sinking fund method of saving
d) Place your savings in a mutual fund so that your money can make more money

Which of the following is not recommended in the debt snowball method of getting out of debt?
a) Every extra dollar you get should be thrown at the largest debt first
b) List your debts in order from smallest to largest balance and focus on paying the smallest one first
c) Attack your debt with intensity
d) Every time you pay off a debt, you add its old minimum payment to your next debt payment

What is paycheck garnishment?
a) A court-ordered attachment that allows a lender to take monies owed directly from a borrower's paycheck
b) Process of taking something back for failure to make payments
c) Process by which the holder of a mortgage sells the property of a homeowner who has fallen behind on payments.
d) A legal procedure for dealing with debt problems of individuals and businesses

Which of the following best summarizes how the use of a credit card 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) People typically spend less when they know what they that they are earning credit card rewards
c) Studies show that there is no change in spending behavior whether a person uses cash or credit
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) History of rental and utility payments
b) Amount of your down payment and employment history
c) History of payments, down payment, and employment history
d) None o these; You cannot get a mortgage without a credit history

A credit score is intended to measure:
a) The risk of your not repaying debt
b) Your financial success
c) Your income level
d) The amount of money you have in the bank

Individual account information is removed from your credit report seven years after the last activity on the account, except for Chapter 7 bankruptcy, which stays on your credit report for:
a) 10 years
b) 1 year
c) 5 years
d) 20 years

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