Finance 1By admin / August 24, 2019 Welcome to your Finance 1 Quiz. Please click on "Next" to continue. Financial debts are one of the primary causes of depression. True False None According to the latest information from the Federal Reserve, credit debt has exceeded what dollar amount? $3.5 Billion $3.5 Bazillion $3.5 Trillion $3.5 Trazillion None What are the primary objectives of a debt counselor/adviser? (Select all that apply) Help clients manage their debts Help clients examine their spending habits Help clients understand the difference between a good debt and a bad one Help clients by providing a loan to help them get out of debt How much money does the average American household spend on phone, internet, and cable service each month? $600 $270 $635 $400 None What is the primary difference between a debt advisor and a debt consolidator? Debt advisors work with clients to merge their debts into a single bill , while consolidators help clients plan their financial future. Debt advisors help their clients plan for their financial future, while consolidators work with clients to merge their debts into a single bill. Debt advisors will often work to pay off a client's debts, while a consolidator offers the client a spreadsheet detailing their expenses. Consolidators are always non-profit, and all debt counselors are trying to make a profit. None The average American household has 3 auto loans averaging $23,000 each. True False None Consolidators who make loans to cover existing debts often charge an annual percentage rate of what? Between 25% and 30% Between 0% and 5% Between 10% and 21% Between 21% and 50% None If you owe a company for a bill and you know you are going to be late, it may be a good idea to let them know ahead of time. True. Some companies are willing to work with you. False. Companies do not care. None There are no educational requirements to become a debt counselor. True False None Which of the following is not a good way to consolidate debt? Transfer outstanding balances to a single credit card Refinance or get a second mortgage to cover debts Get a small loan to pay off outstanding balances Ask your phone company if you can include your car payment in the phone bill None Stage Name/Real Name Unit Time's up
