1. Financial difficulties are commonly caused by overspending.
- True
- False
2. People with financial difficulties may obtain assistance from the Consumer Credit Counseling
Service.
- True
- False
3. Consolidation loans are mainly used to finance the starting of a new business.
- True
- False
4. Debt collectors are usually allowed to call you at home before 8 p.m.
- True
- False
5. Bankruptcy is suggested for people who are a few weeks behind in their credit payments.
- True
- False
6. A common cause of financial difficulties is:
- poor money management habits.
- a need for additional career training.
- preparing your tax return.
- not having enough life insurance.
7. A nonprofit organization that provides financial counseling is:
- the Federal Deposit Insurance Corporation.
- the Consumer Credit Counseling Service.
- the Better Business Bureau.
- the National Credit Union Administration.
8. The purpose of a consolidation loan is to:
- deduct amounts owed from a person’s paycheck.
- pay off one credit card amount before others are paid.
- combine several debts into one payment.
- reduce the amount owed for federal income taxes.
9. An example of a fair debt-collection practice would be to:
- pretend to be a salesperson to attempt to collect a debt.
- threaten to take legal action to collect the money owed.
- call a debtor at work even if personal calls are not allowed.
- call a debtor at home before 8 p.m.
10. Bankruptcy refers to the process of:
- obtaining permission to be late with credit payments.
- obtaining assistance from a credit counseling service.
- using court action to reduce or eliminate your debts.
- using court action to have payments owed deducted from your paycheck.
IN TROUBLE QUIZ ANSWERS
1. Financial difficulties are commonly caused by overspending.
- True
2. People with financial difficulties may obtain assistance from the Consumer Credit Counseling
Service.
- True
3. Consolidation loans are mainly used to finance the starting of a new business.
- False
4. Debt collectors are usually allowed to call you at home before 8 p.m.
- True
5. Bankruptcy is suggested for people who are a few weeks behind in their credit payments.
- False
6. A common cause of financial difficulties is:
- poor money management habits.
7. A nonprofit organization that provides financial counseling is:
- the Consumer Credit Counseling Service.
8. The purpose of a consolidation loan is to:
- combine several debts into one payment.
9. An example of a fair debt-collection practice would be to:
- call a debtor at home before 8 p.m.
10. Bankruptcy refers to the process of:
- using court action to reduce or eliminate your debts.