AnswersTX-Personal Financial Literacy and EconomicsManaging Financial Information

Managing Financial Information Answers

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1
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The safest way for someone to make an online purchase is to

A
ask friends what websites are secure.
B
check with the government first.
C
buy from a reputable website.
D
visit a locally run website.
2
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Question illustration
A
She pays her bills on time and has a higher amount of debt.
B
She has a lot of debt with a history of making late payments.
C
She pays her bills on time and has a lower amount of debt.
D
She has a lot of money and tends to pay her bills on time.
3

Which consequences can victims of identity theft face? Check all that apply.difficulty getting a loan or credit cardan increase in debtthe loss of a jobdifficulty keeping assetsa loss of moneydifficulty landing a new job

A
difficulty getting a loan or credit card
B
an increase in debt
C
the loss of a job
D
difficulty keeping assets
E
a loss of money
F
difficulty landing a new job
4

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.Which statement best describes the lender’s viewpoint of William?

A
He is a low-risk borrower who qualifies for lower 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 high-risk borrower who qualifies for higher interest rates.
5

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.
6

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?

T
They could ask a credit agency for assistance with paying off debt.
T
They could declare bankruptcy to eliminate the debt they owe.
T
They could hire a financial adviser to figure out how to pay off their debt.
T
They could ask creditors to defer loans while they apply for a mortgage.
7

monitorflagfreezecancel

A
monitor
B
flag
C
freeze
D
cancel
9

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
social engineering.
B
phishing.
C
counterfeiting.
D
forgery.
10

Which information is included on a person’s credit report? Check all that apply.money owed to a relativecurrent credit cards and loanstotal amount of money owedwhether bills are paid on timehow much money lenders will loaninterest rates for different loans

A
money owed to a relative
B
current credit cards and loans
C
total amount of money owed
D
whether bills are paid on time
E
how much money lenders will loan
F
interest rates for different loans
11

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

A
They access the customer’s credit reports.
B
They see how large of a down payment the customer makes.
C
They look into how much the customer has saved for emergencies.
D
They access the customer’s work history.
12

Which person is a victim of identity theft?

S
Suzie, whose e-mail was stolen and used to apply for a credit card from a major retailer
M
Michael, whose credit score was stolen and used to make a down payment on a home
P
Pam, whose smartphone was stolen and used to make a mortgage payment
T
Thomas, whose credit card information was stolen and maxed out at a jewelry store
13

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

A
when an employer requests it
B
when a consumer authorizes it
C
when a lender asks for it
D
when a security freeze is put on it
14

Checking a credit report is a good way to

A
know whether credit is improving.
B
reduce the amount of money owed.
C
determine which debts to pay off.
D
decrease interest payments.
15

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

A
They access the customer’s credit reports.
B
They see how large of a down payment the customer makes.
C
They look into how much the customer has saved for emergencies.
D
They access the customer’s work history.
16

Which information is included on a person’s credit report? Check all that apply.

A
money owed to a relative
B
current credit cards and loans
C
total amount of money owed
D
whether bills are paid on time
E
how much money lenders will loan
F
interest rates for different loans
17

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 a credit agency for assistance with paying off debt.
B
They could declare bankruptcy to eliminate the debt they owe.
C
They could hire a financial adviser to figure out how to pay off their debt.
D
They could ask creditors to defer loans while they apply for a mortgage.
18

The tables show two ways to pay off $500 in credit card debt.

Question illustration
A
$15 a month because it will let the person keep more spending money
B
$100 a month because it will free up credit to buy other things
C
$15 a month because it will save money in the long run
D
$100 a month because it will reduce the amount of interest paid
19

[BLANK]

A
bankruptcy
B
payment
C
dissolution
D
cancellation
20

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
social engineering.
B
phishing.
C
counterfeiting.
D
forgery.
21

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

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

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