Question 1

Student loan debt can be discharged by filing for bankruptcy.

Accepted Answer

A) True 
 B)False

Question 2

Calculate the finance charge and the monthly payment on a $20,000 add-on installment loan with an interest rate of 9% and a term of 5 years.

Accepted Answer

Finance charge = $20

Question 3

PLUS loans are made to parents or legal guardians rather than to the student.

Accepted Answer

A) True 
 B)False

Question 4

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement.
-Borrowing from relatives is [highly | seldom] recommended by financial advisors.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 5

From a financial planning perspective,you should ask yourself how low of a payment you can get when considering using consumer loans.

Accepted Answer

A) True 
 B)False

Question 6

If you borrow money on a single-payment loan and discover you cannot pay it back when it is due you should:

Accepted Answer

A)  let the payment become past due. 
B)  consolidate the loan. 
C)  pay prepayment penalty. 
D)  negotiate a rollover. 
E)  file bankruptcy. 
A)  let the payment become past due. 
B)  consolidate the loan. 
C)  pay prepayment penalty. 
D)  negotiate a rollover. 
E)  file bankruptcy.

Question 7

A single-payment loan:

Accepted Answer

A)  is generally unsecured and does not have any collateral. 
B)  usually matures in one year or less. 
C)  usually matures in five to seven years. 
D)  is generally used to finance auto purchases. 
E)  is provided by sales finance companies. 
A)  is generally unsecured and does not have any collateral. 
B)  usually matures in one year or less. 
C)  usually matures in five to seven years. 
D)  is generally used to finance auto purchases. 
E)  is provided by sales finance companies.

Student loan debt can be discharged by filing for bankruptcy.

Calculate the finance charge and the monthly payment on a $20,000 add-on installment loan with an interest rate of 9% and a term of 5 years.

PLUS loans are made to parents or legal guardians rather than to the student.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Borrowing from relatives is [highly | seldom] recommended by financial advisors.

From a financial planning perspective,you should ask yourself how low of a payment you can get when considering using consumer loans.

If you borrow money on a single-payment loan and discover you cannot pay it back when it is due you should:

A single-payment loan:

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters

Exam 7: Using Consumer Loans

Student loan debt can be discharged by filing for bankruptcy.

Calculate the finance charge and the monthly payment on a $20,000 add-on installment loan with an interest rate of 9% and a term of 5 years.

PLUS loans are made to parents or legal guardians rather than to the student.

Choose the word or phrase in [ ] which will correctly complete the statement.Select "a" for the first item,"b" for the second item,and "c" if neither item will correctly complete the statement. -Borrowing from relatives is [highly | seldom] recommended by financial advisors.

From a financial planning perspective,you should ask yourself how low of a payment you can get when considering using consumer loans.

If you borrow money on a single-payment loan and discover you cannot pay it back when it is due you should:

A single-payment loan:

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Insuring Your Life

Insuring Your Health

Protecting Your Property

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters