Topic Test Answers

Which of the following can not be discharged by filing bankruptcy?

A 6 character computer password is made up of 4 numbers followed by 2 letters. How many different passwords are possible?

In the wrong hands, which of the following pieces of personal information would present the greatest risk for identity theft?

The Smiths were just approved for a 25 year mortgage at an 11% fixed rate. If they had not filed bankruptcy in the past, they could have gotten a rate of 7%. If their loan amount is $128,000, how much more per month will the Smiths be paying for their mortgage as a result of their bankruptcy?

Jerry has a credit card debt of $15,600 that he would like to reduce by applying $8,500 of his inheritance money to the balance. In addition, he would like to modify his debt payment plan to pay off the remaining balance in 24 months rather than 60 months. His credit card has an APR of 18%. How much will these changes save Jerry in finance charges (interest)?

Which of the following is least likely to be a warning sign that one's debt is at a critical point?

A consumer charges a $2,530.16 purchase on a credit card. The card has a daily interest rate of 0.042%. If the balance is paid off at the end of 30 days, how much interest will the consumer pay?

Shaquil needs to borrow $400. The loan company charges him $80 in fees for the loan. Shaquil calculates that the annual percentage rate (APR) on his loan is 250%. Approximately what is the term of Shaquil’s loan?

A password is 4 characters long, consisting of 2 letters and 2 numbers. The password must begin and end with a letter. If numbers can be repeated but letters cannot, how many possibilities are there?

Barbara got a flat tire and does not have a spare. She needs her car for work, so she goes to a business that offers payday loans in order to get the money to buy a new tire. She borrows $75 and plans to pay it back when she gets paid in 8 days. Barbara is charged a fee of $15 and the term on her loan is 8 days. Approximately what is the annual percentage rate on her loan?

Monica is trying to lower her credit card debt and has been tracking her expenses for the past month. She identified her variable expenses in relation to her fixed expenses. Without altering her variable expenses, how much extra could she possibly put towards her credit cards?

Determine the annual percentage rate (APR) for a tax refund anticipation loan based on the following information. (Round to the nearest percent.)amount of loan = $985total fees paid = $135term of loan = 10 days

How many 4-digit personal identification numbers are possible if the number cannot contain a zero?

In general, reducing the monthly payment (P) of a credit card but keeping the interest rate (i) and present value (PV) the same will __________.

Michelle has four credit cards with the balances and interest rates listed below. If Michelle wanted to pay off all four credit cards in 36 months, what would her total monthly credit card payment be?Credit CardBalanceAPR#1$4,380 17%#2$1,365 19%#3$2,480 23%#4$5,000 15%

Marcia has two credit cards and would like to consolidate the two balances into one balance on the card with the lower interest rate. The table below shows the information about the two credit cards Marcia currently uses. Card ACard BAmount$1,389.47$1,065.32APR16%12%Monthly Payment$39.38$28.05After 4 years, approximately how much will Marcia have saved in interest by consolidating the two balances?

Which of the following best describes a way of safeguarding personal information?

Twila decides to purchase several party trays for her holiday party. She sees that a local store has relish trays for $18.95, cheese and cracker trays for $23.99, and cookie trays for $25.49. The store also has a coupon in its flyer for $5 off any purchase of $50 or more on party trays. Twila orders 1 relish, 1 cheese and cracker, and 2 cookie trays. At this store, discount coupons are applied after tax is calculated, so a sales tax of 8% was added to Twila’s purchase, and then coupon amount was deducted. If Twila was charged $96.43, determine if she paid the correct amount.

A company offering tax refund anticipation loans is trying to draw new customers. The company guarantees that the annual percentage rate on its loans is 39%. What fees would the company charge on a $1,200 loan if the term of the loan is 18 days? (Round to the nearest dollar).

Which of the following, while appearing negative, might actually be considered an advantage of filing bankruptcy?