How Broke Are You?
Find out just how broke you really are. Take this quiz to see your financial helth.
- 1.
Which of the following would be considered "good debt"?
- A.
Credit card debt
- B.
A mortgage
- C.
Cash advance loan
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- 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
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- 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
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- 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.
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- 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.
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- 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
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- 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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Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 15, 2024Quiz Edited by
ProProfs Editorial Team -
Jan 11, 2010Quiz Created by
7gals1b
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