What kind of loan is a federal student loan? (1 point) Responses a revolving line of credit a revolving line of credit a secured personal loan a secured personal loan an unsecured installment loan an unsecured installment loan an unsecured collateral loan
A federal student loan is an unsecured installment loan.
A federal student loan is an unsecured installment loan. An installment loan is a type of loan that is repaid over time in fixed monthly payments, rather than being drawn upon and repaid like a revolving line of credit. In the case of federal student loans, they are unsecured, meaning they do not require any collateral.
A federal student loan is an unsecured installment loan.
What should you do before you complete your net worth statement?(1 point) Responses Redistribute the investments in your retirement account. Redistribute the investments in your retirement account. Decide what, if anything, you are going to leave to your children in your will. Decide what, if anything, you are going to leave to your children in your will. Complete your income statement. Complete your income statement. Determine or estimate the current value of everything you own.
Before completing your net worth statement, you should determine or estimate the current value of everything you own.
Which of the following is not going to appear on your credit report?(1 point) Responses your age and gender your age and gender whether you have ever declared bankruptcy whether you have ever declared bankruptcy a list of your employers a list of your employers your credit card account
Your age and gender are not going to appear on your credit report.
Which choice is an accurate fact about credit reports?(1 point) Responses You can request one no more than once a year. You can request one no more than once a year. You can request one online or over the phone. You can request one online or over the phone. You can request one only if you have been turned down for credit You can request one only if you have been turned down for credit You can request one whenever you want.
An accurate fact about credit reports is that you can request one online or over the phone.
Darren’s credit report lists seven credit cards that he does not have. What should he do?(1 point) Responses He should contact all three credit bureaus, the companies that issued the seven fraudulent cards, the companies that issued the two credit cards he does have, his local police, and the federal government at identitytheft.gov. He should contact all three credit bureaus, the companies that issued the seven fraudulent cards, the companies that issued the two credit cards he does have, his local police, and the federal government at identitytheft.gov. He should contact the credit bureau that issued the credit report, his local police, and the federal government at identitytheft.gov. He should contact the credit bureau that issued the credit report, his local police, and the federal government at identitytheft.gov. He should contact the credit bureau that issued the credit report, the companies that issued the two credit cards he does have, and the federal government at identitytheft.gov. He should contact the credit bureau that issued the credit report, the companies that issued the two credit cards he does have, and the federal government at identitytheft.gov. He should contact the credit bureau that issued the credit report, the companies that issued the seven fraudulent cards, his local police, and the federal government at identitytheft.gov.
Darren should contact the credit bureau that issued the credit report, the companies that issued the seven fraudulent cards, his local police, and the federal government at identitytheft.gov.
A clerical error caused a simple mistake on your credit report. Once you gather proof that the information is incorrect, which two of the following should you provide it to? Select the two correct answers.(1 point) Responses the credit bureau that prepared the report the credit bureau that prepared the report your bank your bank the lender that provided the incorrect information the lender that provided the incorrect information every company that has provided you with credit or a loan every company that has provided you with credit or a loan the federal government
The two correct answers are:
1. The credit bureau that prepared the report.
2. The lender that provided the incorrect information.
After a bankruptcy procedure is completed, when can you start rebuilding your credit?(1 point) Responses seven years seven years right away right away ten years ten years three years
After a bankruptcy procedure is completed, you can start rebuilding your credit right away.
You should hire a lawyer to help you through which process?(1 point) Responses both Chapter 7 and Chapter 13 bankruptcy both Chapter 7 and Chapter 13 bankruptcy Chapter 7 bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Chapter 13 bankruptcy neither Chapter 7 nor Chapter 13 bankruptcy
You should hire a lawyer to help you through both Chapter 7 and Chapter 13 bankruptcy processes.
As Attorney General, how did Vice President Kamala Harris help California homeowners?(1 point) Responses She raised the credit scores for all California homeowners. She raised the credit scores for all California homeowners. She paid off the mortgages for all California homeowners. She paid off the mortgages for all California homeowners. She won a $1.1 billion settlement for California students and veterans who were taken advantage of by a for-profit education company. She won a $1.1 billion settlement for California students and veterans who were taken advantage of by a for-profit education company. She won a $20 billion settlement for California homeowners whose homes were inappropriately foreclosed on.
As Attorney General, Vice President Kamala Harris won a $20 billion settlement for California homeowners whose homes were inappropriately foreclosed on.
Which is true about credit card repayment?(1 point) Responses You must pay the balance in full each month or your account will go to collections. You must pay the balance in full each month or your account will go to collections. You must pay the balance in full before the grace period ends if you want to avoid paying interest You must pay the balance in full before the grace period ends if you want to avoid paying interest You must pay the balance in full each month or the APR will go up. You must pay the balance in full each month or the APR will go up. You must pay the balance in full each month or the bank will take the card away.
The statement "You must pay the balance in full before the grace period ends if you want to avoid paying interest" is true about credit card repayment.
You are looking at two loans for the same amount over the same length of time. Which is true about the loan with the lower APR?(1 point) Responses It will probably have higher monthly payments. It will probably have higher monthly payments. It will be paid off sooner. It will be paid off sooner. It will cost you less money overall. It will cost you less money overall. It will probably have a higher interest rate.
The statement "It will cost you less money overall" is true about the loan with the lower APR.
Which of the following is true of interest? (1 point) Responses It is expressed as the APR of a loan. It is expressed as the APR of a loan. It is a percentage of the total cost of the loan. It is a percentage of the total cost of the loan. It is calculated only once, when you first take out the loan. It is calculated only once, when you first take out the loan. It is a percentage of the amount of the principal you have not yet paid back.
The statement "It is a percentage of the total cost of the loan" is true of interest.
Which of the following is true of credit cards?(1 point) Responses You will save money if you pay the balance off quickly. You will save money if you pay the balance off quickly. They generally charge 3% to 5% interest. They generally charge 3% to 5% interest. When you use them, you never really know how much you owe. When you use them, you never really know how much you owe. You cannot use them to buy something that costs more money that you have in the bank.
The statement "You will save money if you pay the balance off quickly" is true of credit cards.
Which of the following is true of credit cards?(1 point) Responses You will save money if you pay the balance off quickly. You will save money if you pay the balance off quickly. They generally charge 3% to 5% interest. They generally charge 3% to 5% interest. When you use them, you never really know how much you owe. When you use them, you never really know how much you owe. You cannot use them to buy something that costs more money that you have in the bank. choose the best one
The most accurate statement among the options provided is: "You will save money if you pay the balance off quickly."
