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Student Loans, Buying a Car & Financing, The Credit Bureaus
Flashcards
33 cards
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Practice quiz
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Host live
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Questions
33
Answers
1
To be eligible for Pay As You Earn or Income Based repayment Options you must:
Have a family
Make a case for financial hardship
File your tax return on time
Live in an enterprise zone
2
When you Buy a Car from an Individual, the Warranty is:
Only on the Transmission
48 months
Good Luck and have a nice day
Oil Changes for Life
3
Which is
NOT
a Factor in calculating Credit Score?
Your Debt Balances
Your Ethnic Origin
You missed a payment on a loan
You filed for bankruptcy
4
Which is
NOT
a Federal Student Loan?
Stafford
Perkins
PLUS
Congressional
5
What is the Law that Requires you to be informed of the Total Amount Financed & Total Interest?
Statutory Obligata Loanata
Financial Faith and Terms
Hubtor Law
Truth in Lending
6
If you work for a Non-Profit the Best Repayment plan for you is:
Public Service Plan
Defer or delay when payments begin
Standard 10 year plan
Income based - the more you make the more you pay
7
How many times can Loan or Credit Card Companies check your Credit Score over two weeks?
Twice
Unlimited
Once
Fourteen
8
If you have a Complaint about Credit Bureau or a Lender you make it to:
The Consumer Protection Agency
The Justice for Credit Dept.
The Federal Reserve
The Federal Trade Commission
9
If you Miss a car Payment what will
Not
happen?
It will Appear on Your Credit Report
Your Drivers License will be Suspended
You'll Pay a Late Fee
Your Car Could be Repossessed
10
You go here to find out how much & what Federal loans you owe:
Your latest Tax Return
Your Parents
National Student Data Center
Your College Admissions Office
11
The Interest Rate charged on a car loan Depends on:
The Term
Whether you have a Government guarantee
Your College
The Car Warranty
12
On a 60 month $20K car loan, a bad Credit Score could cost you how much over the five years?
A $400 one time payment
Nothing
Your Air Miles
Over $5,000
13
This is
NOT
a possible benefit of student loan consolidation:
A lower interest rate
Reduce your income taxes
Flexible repayment plan
A lower monthly payment
14
They
DON’T
use Credit
Score
to evaluate you:
Electric Company
Cell Phone Company
A prospective Employer
A LandLord
15
You can be eligible to Defer Payments on a Federal loan if:
Expecting a Baby
Are traveling overseas
An Elected government official
In Active Military Service
16
Your car is totaled in an accident, what happens to the loan?
Insurance company payment goes to pay down/off the loan
Rolled over to your next car
Included in your Mortgage
The Loan is Forgiven
17
Your Monthly payment is the Same until fully repaid under which repayment plan?
Standard 10 year
Graduated repayment
Income based plan
Pay as you earn
18
To Reduce the Total Interest you would pay over the life of a Federal Loan you should:
Defer or delay your payments
Sign up for Automatic Payment
Consolidate or combine all of your loans into one
Extend the term or number of payments
19
Which of the following has
NO
impact on your Monthly car payment?
The down payment
The term
The interest rate
The engine size
20
How many Times can you Check your Credit Report each Year for free?
Every other week (26)
Once a month (12)
Once a week (52)
Only Once
21
You don’t have to pay your student loan if:
You can’t find a job
You don’t graduate
Sorry, you gotta pay!
Loan servicer doesn’t call
22
Who Collects all the information that goes into your Credit Score?
Equifax, TransUnion, Experian
The Federal government
Chesterfield County
The State Government
23
You can Finance a car from All of these
Except
:
A Credit Union
A Bank
The Car Dealership
A Mortgage Company
24
If you Sell a car that you’ve financed, you Must:
Payoff the balance of the loan
Pay a Penalty
Let the Dealer know
Let the Better Business Bureau know
25
The Best place or person to buy a Used car from is:
An Auction
A Rental Company
A Dealership
A Friend from High School
26
The part of your Car insurance policy that covers Damage to Your car from an Accident is:
Liability
Collision
Property
Comprehensive
27
70% of College graduate will have student loans and the average amount they owe is:
$4,000
$48,000
$10,000
$29,000
28
Extending or Increasing the Number of Years over which you repay your Loan can:
Put you in automatic default or non-payment status
Reduce the total interest you pay over the life of the loan
Result in an IRS audit
Reduce your monthly payment
29
When you Finance a Car, who has alien (a claim) on the Title?
The Internal Revenue Service
Your Parents
The Finance Company
The Insurance Company
30
What number is considered a Good Credit Score?
700
1492
1600
4.9
31
You go to this Website to Check your credit:
www.yourdebt.com
www.creditscore.com
www.annualcreditreport.com
www.payitoff.com
32
What does your Credit Score mainly indicate?
How much total debt you owe
The level of your Education
Your knowledge about credit
The risk of you not paying
33
You can make your Credit Score worse if:
You miss a payment
You only open 1 credit card account
You Pay Off a loan Early
You use only 75% of your available credit limit
