Personal Finance Ch. 8 Quiz

If you file for Chapter 7 Bankruptcy, you will have to sell most of your assets.

• True

• False

A mortgage is an example of closed-end credit.

• True

• False

Mr. Palacio has his car loan with Wells Fargo. Wells Fargo is referred to as a:

• rent-to-own center

• creditor

• bureau

• borrower

If you are getting many instances of credit card charges that are not yours and you are receiving debt collection calls/notices for bills that are not yours, what is the FIRST step you should do?

• file an initial fraud alert with one or more credit bureaus

• close your bank accounts

• call the police

• file a theft report with your utilities companies

A shorter term auto loan means _______ monthly payments and _______ total interest that you pay.

• higher, less

• lower, less

• higher, higher

• lower, higher

In a Chapter 13 bankruptcy, the debtor usually gets _______.

• to keep most of their property

• to discontinue alimony payments

• forgiveness from paying most loans

• stop payments on educational loans

An example of open-end credit is a(n) _______.

• credit card

• mortgage

• student loan

• automobile loan

If Kai files for Chapter 7 bankruptcy in 2022, it will remain on his credit report until:

• 2042

• 2032

• 2029

• 2037

In addition to Trans Union and Equifax, which is the other credit bureau?

• Emporium

• Transamerica

• Vanguard

• Experian

Everyone can receive a free credit report annually from:

• GetMyCreditReport.com

• AnnualCreditReport.com

• CreditReport.gov

• FreeCreditReport.com