How Broke Are You?

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| By 7gals1b
7
7gals1b
Community Contributor
Quizzes Created: 1 | Total Attempts: 246
Questions: 7 | Attempts: 248

How Broke Are You?? - Quiz

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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