Ch 33-35
Before a member refinances a home loan, what should you as financial counselor advise them to consider?
a employment history
b the application process
c repairs needed
d total cost
What is d, total cost.
For small business owners, securing a business loan is the best source of what?
a tax exemptions
b income
c operating capital
d down payment
What is c, operating capital.
Which student loan option can a senior apply for if there is an economic or financial hardship?
a loan consolidation
b deferment
c loan rehabilitation
d disability discharge
What is b, deferment.
Which is not a credit fact the financial counselor should inform a member who is going through a divorce?
a monitor credit reports regularly
b a divorce decree may specify which party is responsible for repaying which debts. It does not nullify contracts.
c divorce has a direct impact on credit standing
d a person's credit score following a divorce reflects the individual's level of debt and timeliness of payments
What is c, divorce has a direct impact on credit standing.
Which is not a strategy for rebuilding credit over time?
a using layaway
b obtaining a secured credit card
c obtaining a credit-builder loan
d consider other credit card offers
What is a, using layaway.
For members of a certain age who have equity in their homes and limited cash flow, what might be an option for them to help them consolidate or restructure debts?
a home equity loan
b home equity lines of credit (HELOC)
c reverse mortgage/Home Equity Conversion Mortgage (HECM)
d bankruptcy
What is c, reverse mortgage/Home Equity Conversion Mortgage (HECM).
An unsecured creditor may not collect debt by?
a ceasing business with the member
b reporting default to the credit reporting agencies
c garnishing the members' wages
d beginning a lawsuit to collect debt
What is c, garnishing the members' wages.
Which step can a counselor recommend be used by a member to introduce their children to money management basics?
a when shopping, always buy brand names
b don't talk about money with your children
c don't let children make mistakes
d no advance allowances
What is d, no advance allowances.
A financial counselor should refer a member to a U.S.-HUD approved housing counselor when they are attempting to do what?
a refinance their house
b responding to a judgement
c forestall foreclosure
d rent a condo
What is c, forestall foreclosure.
Identity thieves want information containing vital data or data that allows the holder to gain access to more data such as?
a gift card
b passports
c place of employment
d favorite food
What is b, passports.
For retirees, which category is not a source of their largest expenses?
a transportation
b hair care
c housing
d health care
What is b, hair care.
Which type of court judgement is issued by a court when a debtor and creditor agree that a debt it owed?
a default
b lien
c wage garnishment
d consent
What is d, consent.
A financial counselor can help members prepare for situations where they might have to say "no" or take a different approach by doing what?
a role-playing
b brainstorming
c storytelling
d negotiating
What is a, role-playing.
Instead of bankruptcy, what would allow the debtor to work directly with the creditor to pay a lesser amount than owed?
a consolidation loan
b home equity or a refinance loan
c increasing income or selling assets
d a negotiated debt settlement
What is d, a negotiated debt settlement.
Which is not a common indication of a website imitation scam?
a the notification email does not ask for confirmation or for you to provide personal information
b the email is from an unfamiliar sender
c the website lacks a lock icon
d the website includes different colors, unfamiliar wording, and misspellings
What is a, the notification email does not ask for confirmation or for you to provide personal information.
According to retirement trends, Americans tend to spend less on what as they age?
a clothing
b gifts or donations
c food
d health care
What is c, food.
Which collector or creditor negotiating tip can be used if they demand a larger payment than possible?
a Fair Debt Collection Practices Act (FDCPA)
b counteroffer the creditor's proposal
c learn when to settle a debt
d communicate calmly
What is b, counteroffer the creditor's proposal.
a partners may want to maintain separate financial accounts, with a joint account to be used for joint expenses
b keeping separate homes is better for tax considerations
c consult an attorney to plan how estates will be distributed
d review beneficiary designations on retirement accounts and insurance policies
What is b, keeping separate homes is better for tax considerations.
When during the bankruptcy process is a 341 meeting held?
a after the bankruptcy filing
b when the debtor submits schedules
c before the bankruptcy is filed with the court
d after reaffirmations occur
What is a, after the bankruptcy filing.
Which is not a common factor that makes elderly adults more likely to become victims of financial exploitation?
a non-use of social services
b good sense of financial skills
c poor health
d no spouse/partner
What is b, good sense of financial skills.
Which tax-advantaged investment option provides an excellent opportunity for building retirement savings, due to its combination of tax benefits and employer matching contributions?
a 403(b)
b 401(k)
c Roth IRA
d Simplified Employee Pension (SEP)
Which funding source is available to students from lower-income families?
a parent PLUS loans
b private student loans
c A Pell Grant
d Direct Subsidized Loan
What is c, a Pell Grant.
Following a divorce, a state that adheres to Equitable Distribution means?
a property acquired during the marriage and held equally by both is divided equally
b everything goes to auction
c a judge divides marital property fairly and equitably
d separate property is divided equally
What is c, a judge divides marital property fairly and equitably.
Which is not a benefit of filing Chapter 13 bankruptcy?
a reaffirmation
b when the debtor submits schedules
c before the bankruptcy is filed with the court
d after reaffirmations occur
What is a, reaffirmation.
What report does federal law require be filed if a financial institution suspects abuse of an elderly adult?
a FIN
b Elder abuse suspicion form
c SAR
d Financial crimes report
What is c, SAR.