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IN DEBT TROUBLE QUIZ

Debt-Credit Consolidation January 5, 2024

IN TROUBLE QUIZ

 

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.

 

 

 

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