Test: Knowledge Base- Comparison Tab

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| By Jamscl
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Quizzes Created: 3 | Total Attempts: 575
Questions: 10 | Attempts: 234

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Test: Knowledge Base- Comparison Tab - Quiz

Are you a mastermind when it comes to money matters? Are you able to do simple math calculations? Are you familiar with the terms creditor balance and interest rate? Do you have a game plan as far as your financial life is concerned? Do you know how to handle your business? Take this very helpful, fun quiz to find out!


Questions and Answers
  • 1. 

    The comparison tab can be skipped if the client is only seeking a review of their budget.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The comparison tab should not be skipped even if the client is only seeking a review of their budget. The comparison tab provides valuable information on how the client's budget compares to previous budgets or industry benchmarks. This information can help the client identify areas where their budget may be over or underperforming and make necessary adjustments. Skipping the comparison tab may result in missed opportunities for improvement or potential financial risks.

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  • 2. 

    The following items can be gained from the comparison tab with the exception of:

    • A.

      Potential monthly savings in interest

    • B.

      Potential total savings in interest

    • C.

      Savings with budgeted expenses

    • D.

      Estimated program length

    Correct Answer
    C. Savings with budgeted expenses
    Explanation
    The comparison tab provides information on potential monthly savings in interest, potential total savings in interest, and estimated program length. However, it does not provide information on savings with budgeted expenses.

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  • 3. 

    It is required that the client has their statement so that we can use the comparison tab.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The statement is false because the presence of the client's statement is not a requirement for using the comparison tab. The comparison tab allows for the comparison of different data or information without necessarily needing the client's statement.

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  • 4. 

    Check all of the following items that are needed when entering the creditor information:

    • A.

      Creditor APR

    • B.

      Current payment amount

    • C.

      Last 2 payments that the client has made

    • D.

      Creditor balance

    Correct Answer(s)
    A. Creditor APR
    B. Current payment amount
    D. Creditor balance
    Explanation
    When entering creditor information, it is necessary to include the Creditor APR, which stands for Annual Percentage Rate and represents the interest rate on the debt. The Current payment amount is also needed to track the amount being paid towards the debt. Lastly, the Creditor balance should be included to keep a record of the outstanding amount owed to the creditor. The Last 2 payments made by the client are not necessary for entering creditor information, as they do not provide relevant details about the debt.

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  • 5. 

    The comparison tab calculates concessions that the creditor will definitely give the client if they enter a program.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    The comparison tab does not calculate concessions that the creditor will definitely give the client if they enter a program. Therefore, the correct answer is false.

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  • 6. 

    Which is the correct method to move the information from the comparison tab to the debts tab?

    • A.

      Click " OK" to save

    • B.

      Go to file, click "Save", Go to file again, click "export"

    • C.

      Go to file, click "export"

    • D.

      Go to file, click "save"

    Correct Answer
    B. Go to file, click "Save", Go to file again, click "export"
  • 7. 

    The information from the comparison tab should be included in the Action Plan.

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    The information from the comparison tab should be included in the Action Plan because the comparison tab provides a detailed analysis of the different options or alternatives. This analysis helps in identifying the strengths and weaknesses of each option, enabling better decision-making and prioritizing the actions to be taken. By including this information in the Action Plan, it ensures that the plan is well-informed and takes into account the insights gained from the comparison tab.

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  • 8. 

    Once the comparison information has been moved to the debts tab, you need to verify the following are present and correct: ( check all that apply)

    • A.

      Cushion

    • B.

      Correct state fee was calculated

    • C.

      Creditor payments are present

    Correct Answer(s)
    A. Cushion
    B. Correct state fee was calculated
    C. Creditor payments are present
    Explanation
    The correct answer includes three items that need to be verified after moving the comparison information to the debts tab. These items are: 1) Cushion, 2) Correct state fee was calculated, and 3) creditor payments are present. To ensure accuracy, it is important to check that all three of these elements are present and correct.

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  • 9. 

    A DMP program can exceed 60 months.

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    A DMP (Debt Management Program) is a financial plan that helps individuals to repay their debts over a specific period of time, usually between 36 to 60 months. Therefore, a DMP program cannot exceed 60 months.

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  • 10. 

    The comparison tool illustrates the following: (check all that apply)

    • A.

      Interest rate differences

    • B.

      Estimated payoff timeframe

    • C.

      Dollar amount that they will definitely save on a program

    Correct Answer(s)
    A. Interest rate differences
    B. Estimated payoff timeframe
    Explanation
    The comparison tool allows users to compare different programs based on their interest rate differences and estimated payoff timeframe. This means that users can see how the interest rates vary between programs and how long it will take to pay off the loan or debt. The tool does not provide information about the dollar amount that users will definitely save on a program, as this is not mentioned in the given options.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jul 07, 2012
    Quiz Created by
    Jamscl
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