AnswersTX-Personal Financial Literacy and EconomicsManaging Financial Information

Managing Financial Information Answers

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1
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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.
2
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Which person is a victim of identity theft?

A
Suzie, whose e-mail was stolen and used to apply for a credit card from a major retailer
B
Michael, whose credit score was stolen and used to make a down payment on a home
C
Pam, whose smartphone was stolen and used to make a mortgage payment
D
Thomas, whose credit card information was stolen and maxed out at a jewelry store
3

Which consequences can victims of identity theft face? Check all that apply.

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

[BLANK]

A
monitor
B
flag
C
freeze
D
cancel
5

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.
6

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.
7

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.
8

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.
9

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.
10

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

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