Test review- dave ramsey
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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show | C- Borrowing money from your parent to pay for the debt.
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If you do not have a FICO score, what factors will determine whether or not you qualify for a mortgage? | show 🗑
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show | D- Going into debt.
A debit card acts like cash, and does not borrow money from other suppliers.
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show | All of the answers. A call from your collection agency, a credit report showing suspicious account openings, or bank and billing statements that do not arrive on time can be signs of identity theft.
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show | B-The risk of your not repaying a debt.
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Which of the following is NOT a recommended step in the Drive Free method of purchasing a car? | show 🗑
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Which of the following is the most cost-effective option for purchasing a home? | show 🗑
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What best summarizes how the use of the credit card for purchases instead of cash can change one's spending behavior? | show 🗑
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show | D- A court-ordered attachment that allows a lender to take money that you owe directly from your paycheck.
(E.g. If a parent is not paying child-support, then the money might start to get pulled from his paycheck.)
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show | C- Borrowing money can have serious consequences and prevent you from building wealth.
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What factors affect a credit score? | show 🗑
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show | A- Under FCRA, consumers are allowed to receive one free credit report every five years.
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show | C- Every extra dollar you get should be thrown at the largest debt first.
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show | D- 10 years
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Which of the following is not a factor in determining a FICO score? | show 🗑
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A yearly fee that's charged by the credit card company for the convenience of the credit card ... | show 🗑
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A long-term rental agreement on a car, a form of secured long-term debt... | show 🗑
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A decrease in loss or value... | show 🗑
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A detailed report of an individual's credit history... | show 🗑
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A card issued by a bank that allows users to finance a purchase... | show 🗑
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Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan... | show 🗑
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show | Debt snowball
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When a person owes more on a item (car, house, etc.) than it is worth, the person is said to be ________ on the loan. | show 🗑
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An interest rate charged to a customer during the early stages of a loan; the rate often foes up after a specified period of time... | show 🗑
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show | Loan term
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show | True
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True/False: You must establish credit in order to buy a house. | show 🗑
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True/False: Co-signing a loan is a good way to help a friend or relative. | show 🗑
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show | False
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True/False: Under the Fair Credit Reporting Act (FCRA), any person or organization may check a person's credit information without having a legitimate need. | show 🗑
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True/False: It is okay to use a credit card if you pay it off every month. | show 🗑
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True/False: There are three credit bureaus: Experian, TransUnion, and Equifax. | show 🗑
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True/False: The Federal Trade Commission (FTC) is one of many U.S. federal agencies that regulate the consumer credit system and enforce the laws related to it. | show 🗑
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True/False: You need to have a credit card to rent a car or check in to a hotel. | show 🗑
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True/False: You can and should obtain a free copy of your credit report annually in order to check for any suspicious activity. | show 🗑
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