FM * Managing Credit- Unit Test B

FM * Managing Credit- Unit Test B

25 Qs

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FM * Managing Credit- Unit Test B

FM * Managing Credit- Unit Test B

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Carolyn Ferrell

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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

What are the two most important factors in calculating your credit score?

Payment history and types of accounts
Amounts owed and length of credit history
Payment history and total debt
Length of credit history and new credit inquiries

2.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Heather realized she has taken out too much debt and it has started to negatively impact her ability to budget. She has decided to pay off this debt in full as soon as possible. All of the following would be beneficial strategies EXCEPT…

Reducing spending by canceling some of her streaming subscriptions
Taking extra shifts at work to increase her income
Making more than the minimum required payment on her debt
Applying for another credit card to use in case she runs out of cash paying off her debt

3.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Theo has significant debt and is considering filing for Chapter 7 bankruptcy. He should try all of the following strategies before filing for bankruptcy, EXCEPT…

Meeting with a credit counselor
Paying a debt settlement company
Using a debt repayment strategy, like the Snowball or High Rate Method
Setting up a debt management plan

4.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

All of the following would show up on a credit report EXCEPT...

Salary of your current job
Payment history of your car loan
Credit card payment history
Student loan activity

5.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

What is the difference between Chapter 7 and Chapter 13 bankruptcy?

Chapter 7 bankruptcy is for individuals; Chapter 13 bankruptcy is for corporations
Chapter 7 bankruptcy sells your assets; Chapter 13 bankruptcy allows you to keep assets if you follow a repayment plan
Chapter 7 bankruptcy only eliminates student loan debt; Chapter 13 bankruptcy eliminates all your debts
There is no meaningful difference; both Chapter 7 and Chapter 13 bankruptcy clear your debts by selling off your assets and stay on your credit report for 10 years

6.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Your friend confides in you that he has a low credit score. What is the single best way for him to improve his score?

Cancel his credit cards
Make on-time payments
Get a car loan
Check his credit score

7.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

Melvin is 19 years old and wants to begin establishing a credit history. Which action should he take to meet that goal?

Always say "credit" when asked "credit or debit?" at a store
Ask his parents to cosign a credit card or add him as an authorized user on their credit card
Any time he borrows money from a friend or family member, be sure to pay it back promptly
Take out some private student loans, even though he doesn't need them because he has grants and scholarships

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