Unit 5 Lesson 5 Review Question Preview (ID: 59126)


Review For Unit 5 Lesson 5 Test. TEACHERS: click here for quick copy question ID numbers.

Bankruptcy is a court proceeding that occurs when someone has too much what?
a) Money
b) Debt
c) Assets
d) Net Worth

Which of the following is NOT eliminated when chapter 7 bankruptcy is filed?
a) Taxes
b) Child Support
c) Student Loans
d) All of the Above

In which bankruptcy proceeding might you not have to pay back your debts in full?
a) Chapter 7
b) Chapter 13
c) Both chapters 7 and 13
d) None of the above

Which type of bankruptcy leaves you with NO debt once all is done, no matter what?
a) Chapter 7
b) Chapter 13
c) Chapters 7 and 13
d) None of the above

The first thing someone should do after bankruptcy filings are concluded is...
a) Open new credit cards
b) Make a plan to rebuild credit
c) Decide to never have credit
d) Get a new social security card

What effect does filing bankruptcy have on your credit score?
a) Raises it
b) Lowers it
c) Has no effect
d) Creates new credit reports

How soon after bankruptcy proceedings are finalized can you begin rebuilding your credit?
a) Right away
b) 6-12 months
c) 2-3 years
d) You can't rebuild your credit

What would be a practical way to build credit?
a) Have a variety of credit (store card, major card, car loan)
b) Cancel all remaining credit cards
c) Only ever use cash from here on out
d) Get a co-signer for everything

Which is NOT a top 3 reason people file for bankruptcy?
a) Living beyond their means
b) Unaffordable mortgage/foreclosure
c) Too high of taxes
d) Medical expenses

What two types of bankruptcy are discussed in this lesson?
a) Chapters 7 and 13
b) Chapters 8 and 9
c) Chapters 7 and 9
d) Chapters 12 and 13

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