How Broke Are You?

7 Questions | Total Attempts: 69

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How Broke Are You??

Find out just how broke you really are. Take this quiz to see your financial helth.


Questions and Answers
  • 1. 
    Which of the following would be considered "good debt"?
    • A. 

      Credit card debt

    • B. 

      A mortgage

    • C. 

      Cash advance loan

  • 2. 
    If you have a revolving credit account, credit card companies prefer that you:
    • A. 

      Pay your entire balance to them every month

    • B. 

      Pay most of your balance off every month

    • C. 

      Pay only the minimum payment to them every month

  • 3. 
    What does it mean for debt to be unsecured?
    • A. 

      Debt under a consolidation loan

    • B. 

      Debt that a company believes is unlikely to be paid back

    • C. 

      Debt not backed by collateral

  • 4. 
    Which of the following is NOT a benefit of debt settlement?
    • A. 

      It will eliminate your debt.

    • B. 

      You can pay less than what you owe.

    • C. 

      It won't hurt your credit.

  • 5. 
    Which of the following is NOT a likely benefit of consolidating your loans?
    • A. 

      It will get you a lower interest rate.

    • B. 

      It will get you out of debt faster.

    • C. 

      It will simplify your debt payments.

  • 6. 
    Under the Fair Debt Collection Practices Act (FDCPA), which of the following is a debt collector allowed to do?
    • A. 

      Threaten to sue you

    • B. 

      Send you a postcard

    • C. 

      Sue you

  • 7. 
    Which of the following should be considered a last resort to debt problems?
    • A. 

      Bankruptcy

    • B. 

      Debt settlement

    • C. 

      Debt consolidation loan

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