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Managing Financial Information — Quiz Answers

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1
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Which person is a victim of identity theft?

A
Michael, whose credit score was stolen and used to make a down payment on a home
B
Suzie, whose e-mail was stolen and used to apply for a credit card from a major retailer
C
Pam, whose smartphone was stolen and used to make a mortgage payment
D
Thomas, whose credit card information was stolen and maxed out at a jewelry store
2
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Bryan receives an e-mail from a group posing as a police officers association and asking for bank account information. This is an example of

A
phishing.
B
forgery.
C
social engineering.
D
counterfeiting.
3

It is important for victims of identity theft to contact the authorities

A
quickly to protect themselves from financial losses.
B
after determining how someone stole their identity.
C
quickly to protect themselves from embarrassment.
D
after determining whether they have lost any money.
4

Which statement best describes the lender’s viewpoint of William? A car dealership analyzing whether it will loan money to William to buy a new car finds that his credit score is in the "very good” range.

A
He is a low-risk borrower who will struggle to obtain a loan.
B
He is a high-risk borrower who will get multiple loan offers.
C
He is a high-risk borrower who qualifies for higher interest rates.
D
He is a low-risk borrower who qualifies for lower interest rates.
5

Which statement best describes how lenders determine borrowing conditions for a customer?

A
They access the customer’s work history.
B
They see how large of a down payment the customer makes.
C
They access the customer’s credit reports.
D
They look into how much the customer has saved for emergencies.
6

The Jones family would like to buy a home, but they have a large amount of debt that has led to a weak credit score. What step could the Jones family take to improve their credit?

A
They could ask a credit agency for assistance with paying off debt.
B
They could ask creditors to defer loans while they apply for a mortgage.
C
They could declare bankruptcy to eliminate the debt they owe.
D
They could hire a financial adviser to figure out how to pay off their debt.
7

Which consequences can victims of identity theft face? Choose four correct answers.

A
difficulty keeping assets
B
difficulty landing a new job
C
the loss of a job
D
a loss of money
E
an increase in debt
F
difficulty getting a loan or credit card
8

Checking a credit report is a good way to

A
decrease interest payments.
B
know whether credit is improving.
C
determine which debts to pay off.
D
reduce the amount of money owed.
9

Which statement best describes how lenders determine borrowing conditions for a customer?

A
They access the customer’s work history.
B
They look into how much the customer has saved for emergencies.
C
They access the customer’s credit reports.
D
They see how large of a down payment the customer makes.
10

Which information is included on a person’s credit report? Choose four correct answers.

A
current credit cards and loans
B
whether bills are paid on time
C
interest rates for different loans
D
total amount of money owed
E
how much money lenders will loan
F
money owed to a relative

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