Principles of financial plan week – 3

1.      The most important factor in your credit score is

a.       Length of credit history

b.      Amount in savings

c.       Making payments on time

d.      Low debt to income ratio

2.      A federal approved website to get your credit report checked can be located at




d.      None of the above

3.      Phyllis had three credit cards stolen. Before she realized they were stolen, the following amounts were already fraudulently charged

a.       American express $2,000

b.      VISA $500

c.       Mastercard $40

How much is Phyllis expected liability: –

a.       $50

b.      $140

c.       $150

d.      $2,400

4.      All of the following claims will be discharged in bankruptcy except

a.       The claim as a result of personal negligence

b.      Consumer credit card debt

c.       A claim arising out of a breach of contract

d.      Child support

5.      Chapter 13 bankruptcy known as the “wage earners plan” is for individuals or self-employed workers that want to keep their assets and payoff a portion of their debt over time. Repayment under a Chapter 13 bankruptcy is made by the debtor to the trustee. Like a Chapter 7 bankruptcy, certain debts are not dis- charged under Chapter 13 including all student loans, property liens, three years of back taxes, alimony, debts obtained through fraud, and child support.

a.       True

b.      False

6.      The Fair Credit Reporting  prevents credit card companies from charging hidden fees and extraordinary interest rates and promotes easy to understand statements

a.       True

b.      False

7.      Chapter 7 bankruptcy is for individuals or businesses to use for protection from creditors under federal and state bankruptcy laws. A Chapter 7 bankruptcy can be voluntary or involuntary. Assets are liquidated to repay a portion or all of the debts. All individuals are entitled to 1 Chapter 7 bankruptcy per every 7 years

a.       True

b.      False

8.      It is possible to have more than $250,000 of FDIC insurance at one institution depending on the type of account and titling of the account.

a.       True

b.      False

9.      When looking at credit cards, risk of future overspending, and keeping a high credit score, it is usually always encouraged that individuals cancel their credit cards after paying them off.

a.       True

b.      False

10.  Which of the following isn’t a way discussed in the lecture in terms how an identity thief steals an identity.

a.       Skimming

b.      Rowing

c.       Dumpster diving

d.      Surfing

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