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Financial Literacy Exam Review Part 2 Ch 6-10 Questions with Latest Update
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Which of the following is NOT a popular technique used in ads? a. repetition b. nostalgia c. fraud d. testimonial - Answer-c. fraud Which of the following is NOT a popular technique used in ads? a. emotion b. bandwagon c. statistics d. testimonial - Answer-d. alliteration Which of the...

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  • October 12, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial literacy exam review part 2 ch 6 10 ques
  • which of the following is not a popular technique

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  • Financial Literacy
  • Financial Literacy

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Financial Literacy Exam Review Part 2
Ch 6-10 Questions with Latest Update
Which of the following is NOT a popular technique used in ads?
a. repetition
b. nostalgia
c. fraud
d. testimonial - Answer-c. fraud

Which of the following is NOT a popular technique used in ads?
a. emotion
b. bandwagon
c. statistics
d. testimonial - Answer-d. alliteration

Which of the following is NOT a component of the FICO score?
a. debt history
b. time in debt
c. new debt
d. pro rata schedule
e. type of debt
f. debt levels - Answer-d. pro rata schedule

What are priorities for payments before past due accounts? - Answer-clothing, shelter,
food, transportation

What is one example of the Four Walls? - Answer-mortgage payment

What tactic is a collector likely to use? - Answer-lying, harassment, being friendly

How often should you should check your credit bureau report? - Answer-annually

Using a paper shredder, creating strong passwords, and never carrying around your
Social Security card are steps you can take to prevent? - Answer-identity theft

Which piece of information, if stolen, is NOT likely to lead to identity theft?
a. credit card number
b. drivers license
c. phone number
d. Social Security number - Answer-c. phone number

What plan should you use when you cannot make minimum payments on debt? -
Answer-pro rata

, The credit bureaus are? - Answer-TransUnion, Equifax, Experian

Taking something back for failure to make payments - Answer-repossession

A court-ordered attachment that allows a lender to take monies owed directly from a
borrower's paycheck; only allowed as part of a court judgment - Answer-garnishment

A legal procedure for dealing with debt problems of individuals and busineses - Answer-
bankruptcy

A term that broadly refers to a borrower not being current on his or her payments -
Answer-delinquency

In a bankruptcy proceeding, a debtor can give up property (collateral) to the creditor in
exchange for a clean slate - Answer-surrender of collateral

Process by which the holder of a mortgage sells the property of a homeowner who has
not made interest and/or principal payments on time as stipulated in the mortgage
contract - Answer-foreclosure

T or F: More than 75% of credit reports contain mistakes of some sort - Answer-True

T or F: Identity theft is the fastest-growing white collar crime in America - Answer-True

T or F: One online site you can use to look up scams is snopes.com - Answer-True

T or F: The 1977 law FFCRA stands for Federal Fair Consumption Report & Advocacy -
Answer-False

T or F: The FICO score is an "I love debt" score and is not a measure of winning
financially - Answer-True

T or F: Collectors cannot legally collect money from the parents of a 25-year-old who
runs up credit card debt - Answer-True

T or F: FICO stands for Federal Insurance Company Outline - Answer-False

T or F: NEVER give post-dated checks to collectors - Answer-True

T or F: OFten an identity thief knows his/her victim because it's a friend or family
member - Answer-True

T or F: The FFDCPA law states that harassment is okay as long as collectors call
between the hours of 10 am to 10 pm - Answer-False

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