Question 1

The Equal Credit Opportunity Act allows a creditor to deny credit based on a person's age.

Accepted Answer

A) True 
 B)False

Question 2

Identity theft only occurs through individuals who do not have legitimate access to your information.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is the best rule to follow in shredding information?

Accepted Answer

A) If you have any question,shred it 
B) Anything with your name and address on it received through the mail 
C) Only items received from your bank or brokerage firm 
D) Any item received that is first class mail 
A) If you have any question,shred it 
B) Anything with your name and address on it received through the mail 
C) Only items received from your bank or brokerage firm 
D) Any item received that is first class mail

Question 4

TransUnion is not one of the three primary credit bureaus.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following will not help you establish a good credit history?

Accepted Answer

A) Paying your phone bill on time 
B) Financing a car and making payments on time 
C) Making as many purchases as possible with cash 
D) Never exceeding your credit limit on your credit card 
A) Paying your phone bill on time 
B) Financing a car and making payments on time 
C) Making as many purchases as possible with cash 
D) Never exceeding your credit limit on your credit card

Question 6

A credit rating (score)of ________ would normally allow you to have easy approval for credit.

Accepted Answer

A) 500 
B) 600 
C) 700 
D) 1,000 
A) 500 
B) 600 
C) 700 
D) 1,000

Question 7

Very high credit scores are considered anything over ________.

Accepted Answer

The answer of Very high credit scores are considered anything...

Question 8

An advantage to credit is it eliminates the need for writing checks.

Accepted Answer

A) True 
 B)False

Question 9

The Fair Reporting Act limits the sharing of credit information.

Accepted Answer

A) True 
 B)False

Question 10

Advantages of using credit are all of the following except

Accepted Answer

A) the ability to cover cash flow shortages. 
B) increases the number of checks written. 
C) the ability to buy large items earlier. 
D) convenience in making day-to-day transactions. 
A) the ability to cover cash flow shortages. 
B) increases the number of checks written. 
C) the ability to buy large items earlier. 
D) convenience in making day-to-day transactions.

Question 11

Credit extended to consumers for short periods of time to make specific purchases is

Accepted Answer

A) installment credit. 
B) non-installment credit. 
C) revolving open-end credit. 
D) minimum limit credit. 
A) installment credit. 
B) non-installment credit. 
C) revolving open-end credit. 
D) minimum limit credit.

Question 12

Which of the following statements is not true regarding reviewing your credit report?

Accepted Answer

A) You will be able to determine if any errors have been made so they can be corrected 
B) It will help determine if there are credit cards that you should apply for to improve your credit standing 
C) It will reveal the kind of information that lenders will consider when making a decision to extend credit 
D) Will reveal deficiencies that you can work to eliminate that will improve your credit rating 
A) You will be able to determine if any errors have been made so they can be corrected 
B) It will help determine if there are credit cards that you should apply for to improve your credit standing 
C) It will reveal the kind of information that lenders will consider when making a decision to extend credit 
D) Will reveal deficiencies that you can work to eliminate that will improve your credit rating

Question 13

If you receive a phone call that seeks to verify or update personal information you should

Accepted Answer

A) ask several questions of the solicitor to verify their authenticity. 
B) ask to speak to a supervisor. 
C) obtain their name and address in case you need to contact them in the future. 
D) obtain their name and phone number and call them back to verify their credentials. 
A) ask several questions of the solicitor to verify their authenticity. 
B) ask to speak to a supervisor. 
C) obtain their name and address in case you need to contact them in the future. 
D) obtain their name and phone number and call them back to verify their credentials.

Question 14

Which of the following items should not be removed from your wallet?

Accepted Answer

A) Social Security card 
B) Birth certificate 
C) Infrequently used credit cards 
D) Drivers license 
A) Social Security card 
B) Birth certificate 
C) Infrequently used credit cards 
D) Drivers license

Question 15

At your place of employment,which of the following is acceptable?

Accepted Answer

A) Use of your Social Security number as an employee number on your time card 
B) Inclusion of your Social Security number on your employee identity badge 
C) Inclusion of your Social Security number on your payroll registry in the accounting office 
D) Inclusion of your Social Security number on your paycheck 
A) Use of your Social Security number as an employee number on your time card 
B) Inclusion of your Social Security number on your employee identity badge 
C) Inclusion of your Social Security number on your payroll registry in the accounting office 
D) Inclusion of your Social Security number on your paycheck

Question 16

The law that prohibits denying credit due to gender,age,race,natural origin,religion,or marital status is

Accepted Answer

A) Fair Labor Standards Act. 
B) the Fair Isaac Act. 
C) Equal Credit Opportunity Act. 
D) Fair Treatment of Borrowers Act. 
A) Fair Labor Standards Act. 
B) the Fair Isaac Act. 
C) Equal Credit Opportunity Act. 
D) Fair Treatment of Borrowers Act.

Question 17

If you refrain from using any credit,it will assure you the lowest possible interest rate when you decide to use it.

Accepted Answer

A) True 
 B)False

Question 18

It is always easier to pay back what you borrow than to obtain credit in the first place.

Accepted Answer

A) True 
 B)False

Question 19

The Fair Credit Reporting Act requires credit bureaus to correct any erroneous information on your credit report.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following is the least common manner in which an identity theft victim discovers the crime?

Accepted Answer

A) Routine examination of a credit report 
B) Receiving a collection notice 
C) Being denied credit 
D) Reviewing a credit card statement 
A) Routine examination of a credit report 
B) Receiving a collection notice 
C) Being denied credit 
D) Reviewing a credit card statement

Exam 7: Assessing and Securing Your Credit

The Equal Credit Opportunity Act allows a creditor to deny credit based on a person's age.

Identity theft only occurs through individuals who do not have legitimate access to your information.

Which of the following is the best rule to follow in shredding information?

TransUnion is not one of the three primary credit bureaus.

Which of the following will not help you establish a good credit history?

A credit rating (score)of ________ would normally allow you to have easy approval for credit.

Very high credit scores are considered anything over ________.

An advantage to credit is it eliminates the need for writing checks.

The Fair Reporting Act limits the sharing of credit information.

Advantages of using credit are all of the following except

Credit extended to consumers for short periods of time to make specific purchases is

Which of the following statements is not true regarding reviewing your credit report?

If you receive a phone call that seeks to verify or update personal information you should

Which of the following items should not be removed from your wallet?

At your place of employment,which of the following is acceptable?

The law that prohibits denying credit due to gender,age,race,natural origin,religion,or marital status is

If you refrain from using any credit,it will assure you the lowest possible interest rate when you decide to use it.

It is always easier to pay back what you borrow than to obtain credit in the first place.

The Fair Credit Reporting Act requires credit bureaus to correct any erroneous information on your credit report.

Which of the following is the least common manner in which an identity theft victim discovers the crime?

Overview of a Financial Plan

Planning With Personal Financial Statements

Applying Time Value Concepts

Using Tax Concepts for Planning

Banking and Interest Rates

Managing Your Money

Managing Your Credit

Personal Loans

Purchasing and Financing a Home

Auto and Homeowners Insurance

Health and Disability Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Asset Allocation

Retirement Planning

Estate Planning

Integrating the Components of a Financial Plan

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