Personal Finanace 7.02 Question Preview (ID: 9902)


Personal Finanace 7.02. TEACHERS: click here for quick copy question ID numbers.

Creditors typically check a borrower's credit report as evidence of a borrower's:
a) capacity.
b) capital
c) character.
d) condition.

A DISADVANTAGE of using credit is:
a) buying items at a low price on sale.
b) having a source of cash for emergencies.
c) the convenience of paying on the Internet.
d) the payment of interest on the amount borrowed.

Which is MOST suitable use of revolving credit?
a) Buying a new automobile
b) Buying new furniture for a bedroom
c) Paying for electrical power for the past month
d) Shopping for clothes in a retail department store

An ADVANTAGE of using credit is the:
a) increase of debt resulting from credit use.
b) payment of interest on the amount borrowed.
c) potential to misuse credit and spend too much.
d) use of goods and services while making payments

Matthew was deeply in debt and decided to file Chapter 7 bankruptcy. What can be concluded about Matthew?
a) He had to sell some of his personal belongings.
b) He had enough money to pay all his bills.
c) He was able to clear his credit report and start over.
d) He was able to request a free credit report every twelve months

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.

Which is a sign of debt problems?
a) Mr. Jenkins is short-tempered because he's concerned about how he will pay the bills.
b) Mrs. Kline has a $10,000 credit limit and pays her balance in full each month.
c) Ms. Lanning avoids the hassles of check-writing by using checking account drafts.
d) Ms. Martin saves 15% of her income each month

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) Look for a lawyer and run a credit check on the lender
c) Make the best of the situation since she has already signed the agreement
d) Wait and see if the lender turns out to be credible

Jose is nineteen and is trying to establish credit. What should he do?
a) Borrow a friend's credit card
b) Fill out a college application
c) Get a loan from his parents
d) Get a secured credit card from a financial institution

Credit applications usually request income information as evidence of a borrower's:
a) capacity.
b) capital.
c) character.
d) credit.

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