Dave Ramsey Chapter 4 & 5 Test

You must establish credit in order to buy a house.

• True

• False

If you are a victim of identity theft, you are only responsible for paying back half of the debt.

• True

• False

Tags

CCSS.RL.11-12.6

A detailed report of an individualʹs credit history

• FICO Score

• Debt Snowball

• credit report

• cash flow statement

Preferred method of debt repayment; includes 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

• credit counseling

• debt snowball

• credit report

• FICO Score

Time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated

• loan term

• loan financing

• Payment date

• Due Date

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

• annual fee

• FICO Score

• annual percentage rate (APR)

• minimum payment amount

Tags

CCSS.8.EE.A.1

A decrease or loss in value

• inflation

• depreciation

• lemon law

• totalled

A yearly fee thatʹs charged by the credit card company for the convenience of the credit card

• interest rate

• annual fee

• monthly payment

• minimum payment

Which of the following is not a good idea for getting out of debt?

• Quit borrowing money

• Get a part-time job or work overtime

• Sell something

• Borrow money from your parents to pay for the debt

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

• Getting a personal loan from a bank

• Using credit cards

• Paying cash for all purchases

• Taking out a mortgage on a house