Which of the following statements is false? (5 points)
2.Which of the following is not a recommended step in the Drive Free method of purchasing a car? (5 points)
3.Which of the following is not recommended in the debt snowball method of getting out of debt? (5 points)
4.Individual account information is removed from your credit report seven years after the last activity on the account, except for Chapter 7 bankruptcy, which stays on your credit report for: (5 points)
5.You can and should obtain a free copy of your credit report annually in order to check for any suspicious activity. (3 points)
6.It is okay to use a credit card if you pay it off every month. (3 points)
7.Co-signing a loan is a good way to help a friend or relative. (3 points)
8.Select the word that is described in the statement. (15 points)
abcde1.A detailed report of an individual’s credit history
abcde2.
Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan
abcde3.
Preferred method of debt repayment; includes a list of all debts organized from smallest to largest balance; minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments
abcde4.
A decrease or loss in value
abcde5.
Time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated
a.debt snowball
b.
credit report
c.
loan term
d.
annual percentage rate (APR)
e.
depreciation
9.Describe the difference between a secured and an unsecured loan. (13 points)
10.Explain why financing a car is a bad idea. (13 points)
11.Describe the negative consequences of taking on debt. What effect can debt have on your future? Be sure your answer is in paragraph form with a minimum of five sentences. (30 points)
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