UNIT 9 Career Prep

If an individual receives a credit score of 500, which of the following is usually true?

Which of the six factors of a binding contract is what the lender is giving you?

Easy to buy things you can’t afford

Receiving a product or service now, but paying for it later is known as

Which of the following is NOT an advantage of Chapter 13 bankruptcy?

Can lead to paying high interest charges

The main goal of Ch. 11 Bankruptcy is to develop a plan to return the business to profitability, while paying creditors.

Bankruptcy should only be used as a last resort.

Paper and coins widely accepted as payment.

Which of the 5 Cs refers to an individual’s credit history?

Can help out during emergencies

In some states, payday loans have been capped at what APR?

Creates a record of purchases and payments to establish credit history.

The main argument against payday loans is that they take advantage of the poor and most vulnerable people in society.

Financially literate people often take advantage of high-interest loans.

Fraud protection and monitoring

Which of the following is NOT a type of high interest loan?

Which of the 5 Cs refers to how the loan will be repaid?

Which of the following is NOT a payment that is made directly from your checking account?

Student loans do not have to be repaid under Chapter 7 Bankruptcy, but they still must be paid under Chapter 13.

If I don’t read the terms and conditions, then I don’t have to follow them.

Which of the 5 Cs refers to the item the money is being loaned for?

Which of the six factors of a binding a contract states that the contract can’t violate a law?

Which of the following is not a legal responsibility of the borrower?

Able to buy needed items now.

Can lead to bankruptcy

Which of the six factors of a binding a contract states that no fraud is taking place by either party?

Which of the following is NOT a tip for building good credit?

Financial difficulties may arise if one loses track of how much has been spent each month.

Which of the following is NOT a core goal of the Consumer Financial Protection Bureau?

Which of the following is NOT an example of an installment loan?

Under Chapter 13 Bankruptcy, individuals have 4-6 years to repay their debts.

Which of the following is NOT one of the 5 Cs of credit?

Which of the 5 Cs refers to the amount of money an individual has in checking, savings, and investment accounts?

Which of the following best describes a payroll card?

_____________ cards are linked to your checking account, while _________ cards are paid later.

Rent-to-Own agreements are bad for consumers because:

If an individual receives a credit score of 600, which of the following is usually true?

Which of the following is NOT one of the credit reporting agencies?

Which of the following is NOT a negative consequence of bankruptcy?

Which of the six factors of a binding a contract states that both parties must be legally able to enter a contract?

Who typically uses cash?

Credit reports are generally not used for which of the following?

Most Americans choose to get a loan for their car because:

Which of the following is NOT a way in which Chapter 7 and 13 are similar?

A loan for a house is known as a ____________.

If an individual receives a credit score of 825, which of the following is usually true?

Chapter 11 Bankruptcy is for businesses only.

Agreement in which a lender loans the amount of a person’s upcoming paycheck.

A lender that charges a high-interest rate on a loan.

With Chapter 7 Bankruptcy, a person sells their property and possessions in return, is debt-free.

If an individual receives a credit score of 750, which of the following is usually true?

Which of the following is not a legal responsibility of the lender?

Under Chapter 13 Bankruptcy, individuals do not have to go before a judge.

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