Fp/100t wk 3 test
40 questions answers are highlighted in yellow Please thumbs up if you found this helpful.
Thank you!
Correct answer icon
Your answer is correct.
Payday lenders are controversial because they
charge very high rates of interest.
allow people cash their paychecks even when they do not have a bank
account.
are in competition with traditional lenders.
make it easier for undocumented workers to stay in the job market.
Correct answer icon
Your answer is correct.
Which of the following is true about the relationship between your use of
credit and your insurance premiums?
Poor credit management may result in increased insurance premiums.
Paying insurance premiums by credit cards reduces the amount due.
Insurance premiums will not be affected by your credit history.
Buying insurance through credit card companies may result in lower
premiums.
Correct answer icon
Your answer is correct.
What information is typically not asked for on a consumer credit application?
Applicant’s current address.
Employer contact information.
Total household income.
Number of children.
Correct answer icon
Your answer is correct.
Which of the following FICO credit scoring factors carries the greatest
weight?
, Variety of debt sources
Debt
Payment history
Recent credit activity
Correct answer icon
Your answer is correct.
Which type of bankruptcy requires that you develop and implement plan to
repay your debts under court supervision and allows you to keep all of your
assets?
Chapter 13
Chapter 7
Chapter 11
Chapter 5
Correct answer icon
Your answer is correct.
A budget that starts with the absolute necessities and debt payments and
then adds expenditures until there is no more cash flow is known as a
pro forma budget.
net sum budget.
line item budget.
zero-based budget.
Correct answer icon
Your answer is correct.
In assessing a person’s creditworthiness using the Five Cs of Credit, which of
the following is applicable in the category of “capacity”?
the amount of other debt the applicant already owes.
the income of the person applying for credit.
the value of the asset that will secure the loan.
the credit score of the person applying for credit.
Correct answer icon
Your answer is correct.
Negative credit information, with the exception of bankruptcies, must be
removed from a credit report after __________ years.
3
40 questions answers are highlighted in yellow Please thumbs up if you found this helpful.
Thank you!
Correct answer icon
Your answer is correct.
Payday lenders are controversial because they
charge very high rates of interest.
allow people cash their paychecks even when they do not have a bank
account.
are in competition with traditional lenders.
make it easier for undocumented workers to stay in the job market.
Correct answer icon
Your answer is correct.
Which of the following is true about the relationship between your use of
credit and your insurance premiums?
Poor credit management may result in increased insurance premiums.
Paying insurance premiums by credit cards reduces the amount due.
Insurance premiums will not be affected by your credit history.
Buying insurance through credit card companies may result in lower
premiums.
Correct answer icon
Your answer is correct.
What information is typically not asked for on a consumer credit application?
Applicant’s current address.
Employer contact information.
Total household income.
Number of children.
Correct answer icon
Your answer is correct.
Which of the following FICO credit scoring factors carries the greatest
weight?
, Variety of debt sources
Debt
Payment history
Recent credit activity
Correct answer icon
Your answer is correct.
Which type of bankruptcy requires that you develop and implement plan to
repay your debts under court supervision and allows you to keep all of your
assets?
Chapter 13
Chapter 7
Chapter 11
Chapter 5
Correct answer icon
Your answer is correct.
A budget that starts with the absolute necessities and debt payments and
then adds expenditures until there is no more cash flow is known as a
pro forma budget.
net sum budget.
line item budget.
zero-based budget.
Correct answer icon
Your answer is correct.
In assessing a person’s creditworthiness using the Five Cs of Credit, which of
the following is applicable in the category of “capacity”?
the amount of other debt the applicant already owes.
the income of the person applying for credit.
the value of the asset that will secure the loan.
the credit score of the person applying for credit.
Correct answer icon
Your answer is correct.
Negative credit information, with the exception of bankruptcies, must be
removed from a credit report after __________ years.
3
