AnswersPersonal FinanceManaging Financial Information

Managing Financial Information — Quiz Answers

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1
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Which is the best option for someone who wants to improve his or her credit and pay less interest on the debt?

A
15 dollars a month because it will let the person keep more spending money
B
100 dollars a month because it will reduce the amount of interest paid
C
100 dollars a month because it will free up credit to buy other things
D
15 dollars a month because it will save money in the long run
2
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Which statement best describes the lender’s viewpoint of William? A car dealership analyzing whether it will loan money to William to buy a new car finds that his credit score is in the "very good” range.

A
He is a high-risk borrower who qualifies for higher interest rates.
B
He is a low-risk borrower who will struggle to obtain a loan.
C
He is a low-risk borrower who qualifies for lower interest rates.
D
He is a high-risk borrower who will get multiple loan offers.
3

Bryan receives an e-mail from a group posing as a police officers association and asking for bank account information. This is an example of

A
forgery.
B
counterfeiting.
C
phishing.
D
social engineering.
4

Which statement best describes how lenders determine borrowing conditions for a customer?

A
They access the customer’s credit reports.
B
They look into how much the customer has saved for emergencies.
C
They see how large of a down payment the customer makes.
D
They access the customer’s work history.
5

The Jones family would like to buy a home, but they have a large amount of debt that has led to a weak credit score. What step could the Jones family take to improve their credit?

A
They could declare bankruptcy to eliminate the debt they owe.
B
They could ask a credit agency for assistance with paying off debt.
C
They could ask creditors to defer loans while they apply for a mortgage.
D
They could hire a financial adviser to figure out how to pay off their debt.
6

Which information is included on a person’s credit report? Choose four correct answers.

A
whether bills are paid on time
B
how much money lenders will loan
C
money owed to a relative
D
interest rates for different loans
E
current credit cards and loans
F
total amount of money owed
7

Which statement best describes how lenders determine borrowing conditions for a customer?

A
They look into how much the customer has saved for emergencies.
B
They see how large of a down payment the customer makes.
C
They access the customer’s credit reports.
D
They access the customer’s work history.
8

Checking a credit report is a good way to

A
decrease interest payments.
B
reduce the amount of money owed.
C
know whether credit is improving.
D
determine which debts to pay off.
9

Which statement best describes the lender’s viewpoint of William? A car dealership analyzing whether it will loan money to William to buy a new car finds that his credit score is in the "very good” range.

A
He is a high-risk borrower who will get multiple loan offers.
B
He is a high-risk borrower who qualifies for higher interest rates.
C
He is a low-risk borrower who will struggle to obtain a loan.
D
He is a low-risk borrower who qualifies for lower interest rates.
10

Which person is a victim of identity theft?

A
Pam, whose smartphone was stolen and used to make a mortgage payment
B
Suzie, whose e-mail was stolen and used to apply for a credit card from a major retailer
C
Thomas, whose credit card information was stolen and maxed out at a jewelry store
D
Michael, whose credit score was stolen and used to make a down payment on a home
11

Checking a credit report is a good way to

A
reduce the amount of money owed.
B
decrease interest payments.
C
determine which debts to pay off.
D
know whether credit is improving.
12

It is important for victims of identity theft to contact the authorities

A
after determining whether they have lost any money.
B
after determining how someone stole their identity.
C
quickly to protect themselves from embarrassment.
D
quickly to protect themselves from financial losses.
13

Which statement best describes the lender’s viewpoint of William? A car dealership analyzing whether it will loan money to William to buy a new car finds that his credit score is in the "very good” range.

A
He is a high-risk borrower who qualifies for higher interest rates.
B
He is a low-risk borrower who will struggle to obtain a loan.
C
He is a high-risk borrower who will get multiple loan offers.
D
He is a low-risk borrower who qualifies for lower interest rates.
14

Which statement best describes how lenders determine borrowing conditions for a customer?

A
They see how large of a down payment the customer makes.
B
They look into how much the customer has saved for emergencies.
C
They access the customer’s credit reports.
D
They access the customer’s work history.
15

Which consequences can victims of identity theft face? Choose four correct answers.

A
an increase in debt
B
difficulty getting a loan or credit card
C
difficulty keeping assets
D
the loss of a job
E
difficulty landing a new job
F
a loss of money
16

When can a credit agency release someone’s credit information in Florida?

A
when a security freeze is put on it
B
when a lender asks for it
C
when a consumer authorizes it
D
when an employer requests it
17

Which statement best describes the lender’s viewpoint of William? A car dealership analyzing whether it will loan money to William to buy a new car finds that his credit score is in the "very good” range.

A
He is a low-risk borrower who will struggle to obtain a loan.
B
He is a low-risk borrower who qualifies for lower interest rates.
C
He is a high-risk borrower who will get multiple loan offers.
D
He is a high-risk borrower who qualifies for higher interest rates.
18

The Jones family would like to buy a home, but they have a large amount of debt that has led to a weak credit score. What step could the Jones family take to improve their credit?

A
They could ask creditors to defer loans while they apply for a mortgage.
B
They could ask a credit agency for assistance with paying off debt.
C
They could hire a financial adviser to figure out how to pay off their debt.
D
They could declare bankruptcy to eliminate the debt they owe.
19

Which of these scenarios most puts Margaret at risk of identity theft?

A
Margaret manages her bank account through its website while using a restaurant’s public wifi.
B
Margaret manages her bank account by calling her bank directly and using personal information for identification.
C
Margaret manages her bank account by visiting a local branch and signing paperwork for the bank teller.
D
Margaret manages her bank account by keeping personal records to compare to the bank’s records.
20

The Jones family would like to buy a home, but they have a large amount of debt that has led to a weak credit score. What step could the Jones family take to improve their credit?

A
They could declare bankruptcy to eliminate the debt they owe.
B
They could ask creditors to defer loans while they apply for a mortgage.
C
They could hire a financial adviser to figure out how to pay off their debt.
D
They could ask a credit agency for assistance with paying off debt.

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