Vicky attended and graduated from a university but not found work. Which of
the following would allow her to delay repayment on a student loan while
interest builds up?
a. cancellation
b. consolidation
c. deferment
d. forbearance - ANSWER d. forbearance
Kiri and Dave want to borrow to help their daughter go to college. What type of
loan can they receive to help finance their daughter's education?
a. Private
b. Stafford
c. PLUS
d. Perkins - ANSWER c. PLUS
Which of the following is NOT exempt if a personal defaults on a federal
student loan?
a. included on credit history
b. tax refund intercepts
c. wage garnishments
,d. supplemental security income seizure
ANSWER: d. supplemental security income seizure
Which one of the following is a legal process by which a debtor's assets are sold
and the proceeds are distributed to each creditor his or her proportionate share,
after which the remaining debts are absolved.
a. Chapter 7
b. Chapter 13
c. regular income plan
d. garnishment - ANSWER: a. Chapter 7
A ______ is a court order that temporarily halts all creditors from receiving
claims existing prior to the beginning of a bankruptcy proceeding.
a. repossession
b. garnishment
c. automatic stay
d. discharge - ANSWER c. automatic stay
Under which of the following is a plan developed to make repayment of a part
of an individual's debt over 3 to 5 years after which remaining debt is
discharged.
a. Chapter 7 bankruptcy
b. Chapter 13 bankruptcy
c. Debt Management Program
d. Immediate Liquidation Plan - ANSWER b. Chapter 13 bankruptcy
, Which of the following is generally dis-chargeable in a Chapter 7 bankruptcy ?
a. mortgage debt
b. tax debt
c. medical debt
d. student loan debt - ANSWER c. medical debt
Which of the following is a correct statement
a. Exempt property laws are the same in all states
b. Exempt property amounts double when a couple files jointly
c. Exempt property is sold to pay creditors
d. Exempt property amounts are the same on federal and state law. - ANSWER
b. Exempt property amounts double when a couple files jointly
A _____ is to prohibit individuals from filling a Chapter 7 bankruptcy who
could afford to pay some of their debt in a Chapter 13 bankruptcy.
a. reaffirmation
b. automatic stay
c. means test
d. exemption - ANSWER c. means test
A bankruptcy can remain on an individual's credit report for _____ years.
a. 4
the following would allow her to delay repayment on a student loan while
interest builds up?
a. cancellation
b. consolidation
c. deferment
d. forbearance - ANSWER d. forbearance
Kiri and Dave want to borrow to help their daughter go to college. What type of
loan can they receive to help finance their daughter's education?
a. Private
b. Stafford
c. PLUS
d. Perkins - ANSWER c. PLUS
Which of the following is NOT exempt if a personal defaults on a federal
student loan?
a. included on credit history
b. tax refund intercepts
c. wage garnishments
,d. supplemental security income seizure
ANSWER: d. supplemental security income seizure
Which one of the following is a legal process by which a debtor's assets are sold
and the proceeds are distributed to each creditor his or her proportionate share,
after which the remaining debts are absolved.
a. Chapter 7
b. Chapter 13
c. regular income plan
d. garnishment - ANSWER: a. Chapter 7
A ______ is a court order that temporarily halts all creditors from receiving
claims existing prior to the beginning of a bankruptcy proceeding.
a. repossession
b. garnishment
c. automatic stay
d. discharge - ANSWER c. automatic stay
Under which of the following is a plan developed to make repayment of a part
of an individual's debt over 3 to 5 years after which remaining debt is
discharged.
a. Chapter 7 bankruptcy
b. Chapter 13 bankruptcy
c. Debt Management Program
d. Immediate Liquidation Plan - ANSWER b. Chapter 13 bankruptcy
, Which of the following is generally dis-chargeable in a Chapter 7 bankruptcy ?
a. mortgage debt
b. tax debt
c. medical debt
d. student loan debt - ANSWER c. medical debt
Which of the following is a correct statement
a. Exempt property laws are the same in all states
b. Exempt property amounts double when a couple files jointly
c. Exempt property is sold to pay creditors
d. Exempt property amounts are the same on federal and state law. - ANSWER
b. Exempt property amounts double when a couple files jointly
A _____ is to prohibit individuals from filling a Chapter 7 bankruptcy who
could afford to pay some of their debt in a Chapter 13 bankruptcy.
a. reaffirmation
b. automatic stay
c. means test
d. exemption - ANSWER c. means test
A bankruptcy can remain on an individual's credit report for _____ years.
a. 4
