Which of the following is not a credit myth?

Borrowing money can have serious consequences and prevent you from building wealth.

The lottery and other forms of gambling will make you rich.

You have ʺarrivedʺ financially once you get approved for a credit card.

Debt is a tool and should be used to create prosperity.

Which of the following is not a recommended step in the Drive Free method of purchasing a car?

Explore new car dealerships for the best interest rate.

Plan your purchase in advance using the sinking fund method of saving.

Place your savings in a mutual fund so that your money can make more money.

Start with an inexpensive car and gradually move up in car value as your savings increases.

Which of the following is not recommended in the debt snowball method of getting out of debt?

Every extra dollar you get should be thrown at the largest debt first.

List your debts in order from smallest to largest balance and focus on paying the smallest debt off first.

Attack your debt with intensity.

Every time you pay off a debt, you add its old minimum payment to your next debt payment.

Which of the following is not a factor in determining a FICO score?

Getting a personal loan from a bank

Taking out a mortgage on a house

12) A credit score is intended to measure:

The risk of your not repaying debt

The amount of money you have in the bank

Which of the following is a sign that your identity may have been stolen?

A call from a collection agency about a debt you didnʹt incur

Bank and billing statements donʹt arrive on time

Your credit report shows accounts you didnʹt open

Which is an act of identity theft?

Wrongfully acquiring and using someone’s personal identification

Receiving permission to use a parents’ credit card for school clothes

Taking the identity of another individual as inspiration for a costume

Having the same name as another person

Which is NOT a positive credit card behavior?

Post your credit card number on Facebook

Be aware of how your credit card affects your credit history

Pay the entire amount on time every month

Check statement monthly for errors

Three kinds of data that the computer at the reporting agency has are ...

a person's history of borrowing and repayment

____________ is the federal law that regulates credit reporting agencies and compels them to insure the information they gather and distribute is a fair and accurate summary of a consumer’s credit history.

Fair Debt Collections Protection Act

Telephone Consumer Reporting Act

______________ is a United States federal law enacted in 1974 as an amendment to the Truth in Lending Act (codified at 15 U.S.C. § 1601 et seq.). Its purpose is to protect consumers from unfair billing practices and to provide a mechanism for addressing billing errors in "open end" credit accounts, such as credit card or charge card accounts.

Fair Debt Collections Protection Act

Telephone Consumer Reporting Act

____________ is the policy of the State to protect its citizens from a lack of awareness of the true cost of credit to the user by assuring a full disclosure of such cost with a view of preventing the uninformed use of credit to the detriment of the national economy.

Fair Debt Collections Protection Act

Telephone Consumer Reporting Act

Dave Ramsey Debt Unit Test

Authored by David Croissant

Mathematics

12th Grade

CCSS covered

Used 33+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A yearly fee that's charged by the credit card company for the convenience of the credit card

Annual Fee

Annual Percentage Rate (APR)

ARM

Balloon Mortgage

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan.

Annual Fee

Annual Percentage Rate (APR)

ARM

Balloon Mortgage

variable-rate mortgage; mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

Annual Fee

Annual Percentage Rate (APR)

ARM

Balloon Mortgage

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A plastic card used to make purchases now and pay for them later.

credit

credit card

credit limit

debit card

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments

debt consolidation

debt Snowball

Depreciation

finance charge

foreclosure

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

a lessening in value

debt consolidation

debt Snowball

Depreciation

finance charge

foreclosure

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A fee for borrowing money, added to a monthly credit card bill.

debt consolidation

debt Snowball

Depreciation

finance charge

foreclosure

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Dave Ramsey Debt Unit Test

A yearly fee that's charged by the credit card company for the convenience of the credit card

Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan.

variable-rate mortgage; mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets.

A plastic card used to make purchases now and pay for them later.

a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments

a lessening in value

A fee for borrowing money, added to a monthly credit card bill.

The seizure of property from borrowers who are unable to repay their loans

a loan based on the difference between the current market value of a home and the amount the borrower owes on the mortgage

a contract granting use or occupation of property during a specified time for a specified payment

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