1. How does Chapter 7 bankruptcy differ from Chapter 13 bankruptcy?
A) In a Chapter 13 bankruptcy, the debtor proposes a plan of reorganization to keep his or her assets and pay creditors over an extended time period
B) Chapter 7 is the quickest and simplest form of bankruptcy
C) Neither is correct
D) Both are correct
2. Which of the following are helpful in keeping your credit card rates and fees low?
A) All of the options are correct
B) Make every payment on time
C) Maintain a balance that is less than 30% of your credit line
D) Carefully read monthly statements for additional fees and read mail regarding adjustment notices
3.When purchasing a home, a real estate broker can help you of the following except
A) identify financing options
B) review your legal documents relating to title
C)help you find a lender
D)find companies to conduct inspections
4.If your credit limit is $2.500 and you charge $1,500 and pay back $700, what is the maximum amount you can charge? .
5 Which of the following are early warning signs of financial problems?
A) All of the choices are correct
B) Charging essentials like gas and groceries with a payday loan
C) Not having an emergency fund
D) Living paycheck-to-paycheck
6. Identify which item is not an advantage of buying a house versus renting.
A) Tax advantages
C) Increase in equity
D) All of the choices are correct
7.Olivia found herself in over $10,000 worth of credit card debt after she graduated from college. Most of her purchases on her credit cards came from purchases at the mall which included clothing, shoes, and purses. She also used her credit cards to finance her vacation to Mexico during spring break. Overwhelmed by her high credit card balances Olivia has decided she wants to start digging herself out of credit card debt. What is the first step she should take?
A) Stop using her credit cards
B) Stop buying things she cannot afford
C) Increase her income
D) Make realistic budget and use the envelope system
8.What credit score range helps to lower the interest rate and speed up your credit approval in purchasing a home?
9.If your goal is to maximize your return on investment, identify the least acceptable reason to borrow on the equity from your home
A) to remodel your house
B) to buy a car
C) to assist with the purchase of a second home
D) to pay for college
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