Preview

Week 2 Quiz Nov

Good Essays
Open Document
Open Document
805 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Week 2 Quiz Nov
Week 2 Quiz

Instructions: Select the correct answer for each question. You may use this worksheet to highlight the correct answer using the highlight function or simply create a Word Document, number from 1-15 and provide the correct letter for each corresponding question. Each question is worth .2 points.

1) What is a credit utilization rate?
a. How many open credit accounts you have
b. The percentage of all your reported credit accounts that are open accounts
c. Your total outstanding balance as a percentage of total credit limit
d. How often you use credit to make purchases

2) Students should aim to keep their total student loan debt to
a. less than the salary they are likely to make their first year out of school
b. less than 200% of their first-year salary
c. about the total cost of 4 years of their education
d. less than 150% of their first-year salary

3) If you have applied for your first credit card and been denied, what is the best thing to do?
a. Call up the card company and ask if you can be approved if you agree to a higher interest rate.
b. Apply for a secured credit card.
c. Add money from a cash loan to your checking account so it appears you have more funds available.
d. Have someone cosign for a credit card for you.

4) When you have serious credit card debt, where is the best place to seek help?
a. From a debt consolidation company
b. From an independent consumer credit counseling agency, such as AICCCA or the National Foundation for Credit Counseling
c. From a credit deferral service
d. From a private loan organization, such as a bank or credit union.

5) In the event of bankruptcy, which of the following cannot be taken from you?
a. A 401(k) retirement account
b. Emergency savings
c. Stock investments
d. Money in your checking account

6) Which of the following is considered unsecured debt?
a. A mortgage
b. A car loan
c. A 401k loan
d. Credit-card debt

7) What is the best type of loan to take out for education?
a. A federal

You May Also Find These Documents Helpful

  • Powerful Essays

    Well ________, we help people just like you, repair and fix their credit legally and quickly.…

    • 1862 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    What is Credit?

    • 442 Words
    • 2 Pages

    2. Name at least one alternate option to establishing credit if you are unable to get a credit card yet. (0.5 points)…

    • 442 Words
    • 2 Pages
    Good Essays
  • Satisfactory Essays

    Chapter 26

    • 421 Words
    • 3 Pages

    b) An 11% straight loan (i.e., interest paid at maturity). Which loan is more expensive?…

    • 421 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    The next option one can try is to contact the credit card company directly and talk about your repayment options. This way you tend to skip the in between mediator – the GC services, the main advantage of doing this is that, there is every possible chance of you getting more discount on the agreed amount that has to paid to clear out of your debts. This option of going in for a settlement is more suitable if you have a lump sum amount in hand; as this would guarantee you that you come out of this situation of yours in a very short time.…

    • 456 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    Bu204 Final Exam

    • 2626 Words
    • 11 Pages

    b. At any given interest rate, consumers decide to save more. Assume the budget balance is zero (10 points).…

    • 2626 Words
    • 11 Pages
    Powerful Essays
  • Good Essays

    Tutorial2 2013

    • 1724 Words
    • 6 Pages

    (b) If after all the legal avenues for redress have been exhausted (such as bankruptcy), assuming the creditors have not been fully repaid, is there anything else they can do at that stage? What’s the implication of your answer on a business?…

    • 1724 Words
    • 6 Pages
    Good Essays
  • Good Essays

    Deduction Interest

    • 521 Words
    • 3 Pages

    Interest on qualified student loan can deduct the interest as a deduction for AGI. This deduction is permitted if the money borrowed was used to finance qualified education expense. In order to deduct the interest on Qualified Student Loan the money must have been paid qualified education expense. The maximum deduction is $2,500 and is phased out for taxpayers with modified AGI in excess of…

    • 521 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    Summary Of Gary's Letter

    • 282 Words
    • 2 Pages

    Gary received a letter from us and wants to make sure that his credit score is not effected.…

    • 282 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Among every one of the options Debt loans settlement turned out to be the best. It is a real technique and turned out to be the all around acknowledged by the Administration. It is ideal to determine unmanageable loan sooner a conceivable. Then again on the off chance that you look for assistance from the Debt loans programs then you require not require stressing. This is on the grounds that the settlement organizations takes every one of the obligations and performs for the benefit of the borrowers. You simply give every one of the reports identified with the plastic card organizations and your record of loan repayment. You ought to additionally educate them about your money related emergency.…

    • 453 Words
    • 2 Pages
    Good Essays
  • Powerful Essays

    George Tan and Mary Chan

    • 2483 Words
    • 10 Pages

    Option 3: Purchase Ordinary Annuity Plan of $600 for 15 years from Standard Chartered Bank…

    • 2483 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    Textile Industry

    • 944 Words
    • 4 Pages

    40. Discuss the significance of credit rating agencies/ institutions and show the instruments rated and the procedures involved…

    • 944 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    employee

    • 318 Words
    • 2 Pages

    Please fill in the requested details below and enclose this form with a clear photocopy of the front and back of the credit…

    • 318 Words
    • 2 Pages
    Satisfactory Essays
  • Powerful Essays

    Semenitari, I (2005). “The Road to debt Relief” in Tell No 29, July 18, P38.…

    • 1772 Words
    • 8 Pages
    Powerful Essays
  • Satisfactory Essays

    Credit Card Essay

    • 1026 Words
    • 3 Pages

    When people sign up for credit cards they really don’t know what they are getting themselves into. They don’t look at what the interest rate is going to be on the credit card. When signing up for a credit card you has to watch for how high the interest rate on these credit cards. Some credit card companies make you pay the full amount of the bill each month. So you have to watch that also when signing up for credit…

    • 1026 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Inflation and Marks

    • 384 Words
    • 2 Pages

    1. Suppose that changes in bank regulations expand the availability of credit cards so that…

    • 384 Words
    • 2 Pages
    Satisfactory Essays