Which of these statements about debt is true? Choose two that are true.

a. It obligates your future income

b. Going into debt to pay for something usually costs more money than

c. Having debt does not affect your credit

Which of these is one of your rights in debt collection?

c. Not to be called at inconvenient times or places, such as before 8:00 am

a. Not to be sued if you tell a debt collector to stop contacting you

b. To have the debt cancelled if you don’t have the money to repay it

or after 9:00 pm, unless you agree to it

You may be charged a penalty annual percentage rate (APR) if:

b.You pay your credit card bill late

a. You have less than the minimum balance in your account

c. You request an increase in your credit limit

You can find your net worth by:

a. Adding up the value of everything you own

b. Subtracting the sum of your liabilities from the sum of your assets

c. Adding up all of your equity

Why is insurance important?

a. It can reduce the financial impact of a covered loss.

b. It prevents damage from natural disasters.

c. It has federally insured deposit protection.

d. It allows you to digitally encrypt your information to keep it safe.

Which of the following are ways to reduce the risk of identity theft?

a. Protect your numbers (Social Security number, credit card numbers, bank

How can you protect yourself when renting? Choose 3

b. Read and understand your lease

c. Know your rights as a renter

d. Never rent – only buy a home

How can you estimate what you can afford to pay for housing?

a. Develop a spending and saving plan and see what you can afford for housing

c. Ask your landlord or lender what is an affordable housing payment for you

d. Understanding what is an affordable payment for housing is not an

Which of these is included in a typical mortgage payment?

a. Repayment of the real estate agent’s salary

You become the owner of the home at which event?

c. When your mortgage rate adjusts

d. When you refinance your mortgage

Which of the following CANNOT review your credit reports and scores to make decisions about you?

b. Insurance companies (in some states)

What factors affect your credit scores?

c. How much of your credit card limit you use

d. The amount of money you have in savings

Who should regularly look for, identify, and dispute errors on your credit reports?

c. The individual, business, or organization that uses credit reports to make

Which of the following will help you build savings? Choose 2

b. Putting part of your income tax refund into your savings account.

c. Participating in a retirement savings plan at work.

a. Buying a coat on sale then using those savings to buy a bike.

A spending and saving plan:

c. Lists your income and expenses

a. Records the value of your assets

b. Tells you which bills to pay first if you can’t afford to pay them all

d. Should not include gifts that you receive or give to others

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Authored by Mandi Edwards

Life Skills

12th Grade

Used 2+ times

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69 questions

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MULTIPLE SELECT QUESTION

30 sec • 2 pts

You can increase your chances of being approved for a loan by improving which of these (choose two):

Your capacity

b. Your capital gains

c. Your credit/character

d. Your creditors

e. All of the above

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Most loans are set up the same, so it is not important to shop around.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Federal Truth in Lending Act or TILA disclosures can help you compare loan options from different lenders.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

If someone helps you manage your money, you are not eligible to borrow money

True

False

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

You don’t need to understand your debt, as long as the company you owe money to sends you the paperwork.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

All debt works the same way.

True

False

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

There are different approaches for reducing debt.

True

False

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