Unit 13 Test - Credit Woes
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1. Emma’s friends are concerned that she is having problems with debt. Which is a warning signal that might indicate Emma’s debt is out of control?
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1 point
2. Which is a credit warning signal? *
1 point
3.  Gabe is usually good with managing money but had some major unexpected health expenses the past year. Gabe has a steady income and has owned his house for many years. Which would be a good option for Gabe? *
1 point
4. Madelyn and Jeremy lost all of their savings in a business that failed. They have also run up an enormous amount of debt and do not own a home. Currently only Madelyn is working part-time. They have tried many options but none have been successful. What is the last resort for Madelyn and Jeremy? *
1 point
5. Caitlyn just graduated from college and landed a job in her field. She lives in an apartment. Although Caitlyn makes a good salary, she has not managed her money well and has spent a lot of money on unnecessary items, like an iPad and new furniture. Which option would be best for Caitlyn? *
1 point
6. Which is an indication that a credit counseling agency may be a scam? *
1 point
7.  Which is an advantage of consolidating credit? *
1 point
8.  Jose has decided his best option for his debt problems is to obtain a debt consolidation loan. Which would be a disadvantage for Jose? *
1 point
9. James recently filed for bankruptcy and almost all of his assets were liquidated to pay off creditors. James is now free and clear of debt. What type of bankruptcy did James use? *
1 point
10.  A Chapter 7 bankruptcy remains on credit reports _____. *
1 point
11.  A Chapter 13 bankruptcy remains on credit reports _____. *
1 point
12. Lisa filed for bankruptcy and is upset that it will be extremely difficult for her to establish credit. Which type of bankruptcy did Lisa use?
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1 point
13.  Which bankruptcy is also known as a reorganization bankruptcy and allows the debtor to repay all or part of the debt in an approved three- to five-year repayment plan under court protection and supervision?
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1 point
14.   Money that a person owes. *
1 point
15.    When wages are legally withdrawn before going to the wage earner. *
1 point
16.   When a car is taken back because the loan is not paid. *
1 point
17.   Person who owes money. *
1 point
18.    Not repaying a loan. *
1 point
19.  The Fair Debt Collection Practices Act protects consumers against harassment that comes from abusive language, excessive phone calling, and threats. *
1 point
20. Paying late on a credit card will not affect your credit score. *
1 point
21. Using credit card advances for living expenses is a credit warning signal. *
1 point
22. Using more than two credit cards is a credit warning signal. *
1 point
23. Using a credit counseling organization ensures that negative information does not appear on your credit report. *
1 point
24. An individual will always pay significantly less of the debt when consolidating credit. *
1 point
25.  Debt can cause stress in relationships and can also adversely affect a person’s health. *
1 point
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