HUD Exam-Topic 1 Questions & Answers 2023/2024
All of the following would help a counselor develop a realistic household budget, except:
A. Payment information for a paid-off car
B. Amount spent on groceries
C. Rent payment information D. Monthly cable bill - ANSWER-A. Payment information ...
HUD Exam-Topic 1 Questions & Answers
2023/2024
All of the following would help a counselor develop a realistic household budget, except: A. Payment information for a paid-off car B. Amount spent on groceries C. Rent payment information D. Monthly cable bill - ANSWER-A. Payment information for a paid-off car
All of the following are reasons why it is important for a client to track income and expenses before finalizing a budget, except: A. It helps show clients that they actually spend less on some expenses than they think. B. It helps identify spending habits. C. It helps show clients that their spending and expenses are out of control. D. It helps define realistic and attainable goals and timelines. - ANSWER-It helps show clients that their spending and expenses are out of control.
Which of the following is a "want" and not a "need"?
A. Health care premium
B. Car insurance
C. Gym membership
D. Rent - ANSWER-C. Gym membership
All of the following are effective ways to decrease expenses, except: A. Cancel insurance policy B. Cancel cable service C. Stick to a shopping list D. Conserve energy in the home - ANSWER-A. Cancel insurance policy
All of the following are effective strategies to increase income, except: A. Work over time B. Teach yoga C. Find a second job D. Factor in an anticipated raise - ANSWER-D. Factor in an anticipated raise Identify which information is used in determining a budget, and which information is not:
A. Pay Stub B. Bank Statements C. Utility Bills D. Social Security Award Letter E. Annual Bonus F. Stock Dividends G. Employer Reimbursements H. Credit Score - ANSWER-E. Annual Bonus F. Stock Dividends G.
Employer Reimbursements H. Credit Score
Ray's commute on the bus takes over an hour, so he wants to buy a car as soon as possible, but he has poor credit and cannot obtain a loan right now. He thinks he can find a reliable car for about $2,000 and has about 20% of the total in the bank from his tax refund. If Ray's goal is to buy a car within 8 months, what is the minimum amount he needs to save each month? A. $150 B. $175 C. $200 D. $225 - ANSWER-
C. $200
Rebecca helps determine that with adjustments Ray can set aside $320 each month to buy the car. How many months will he need to save this amount? A. At least 4 B. At least 5 C. At least 6 D. At least 7 - ANSWER-B. At least 5
Which section of a credit report will contain employer details? A. Consumer rights B. Account information C. Personal information D. Public records E. Inquiries - ANSWER-C. Personal information
Which section of a credit report will contain information about a student loan? A. Personal information B. Public records C. Inquiries D. Consumer rights E. Account information - ANSWER-E. Account information
Which section of a credit report will contain court information such as bankruptcy? A. Public records B. Inquiries C. Personal information D. Consumer rights E. Account information - ANSWER-A. Public records
Which section of a credit report will show recent attempts to open a credit card? A. Personal information
B. Public records C. Consumer rights D. Inquiries E. Account information - ANSWER-D. Inquiries
Which section of a credit report will contain information about how to correct inaccuracies? A. Personal information B. Consumer rights C. Public records D. Inquiries E. Account information - ANSWER-B. Consumer rights
Credit Score - ANSWER-A numerical interpretation of a consumer's creditworthiness based on information in his/her credit report
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