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W!se Financial LIteracy Test Review-Debt Management Flashcards | StudBud
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W!se Financial LIteracy Test Review-Debt Management
W!se Financial LIteracy Test Review-Debt Management
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This quiz is for students preparing for the W!se Financial Literacy exam.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
According to the 20/10 rule what is your maximum annual debt limit if you earn $150,000 a year?
$15,000
$18,000
$60,000
$30,000
2
Only paying the minimum balance on your credit card is hazardous to your financial health.
False
True
3
Most billing cycles are of what length?
10 days
60 days
25 to 30 days
90 days
4
Student loan debt can be discharged through bankruptcy.
True
False
5
The most expensive way to figure the finance charge for the the credit user is the
annual percentage rate method
previous balance method
adjusted balance method
average daily balance method
6
When you have insufficient income and assets to pay your debts, you are said to be
unsecured
insolvent
indigent
liquidated
7
The unpaid portion of a loan is called
equity
collateral
rate
principal
8
Which of the following is a warning sign that you are on the road to bankruptcy?
You use less than 20% of your credit limit..
You pay for everything with cash.
You pay your balance off in full each month.
You pay for everything with a credit card.
9
Which of the following is a reason why people file for bankruptcy?
job loss
emotional spending
all of the above
failure to budget
10
You should beware of any credit-assistance company that
Requires you to pay a fee before they act on your behalf
Guarantees to restore your credit
Advises you to use a different Social Security number
all of the above
