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School

Baruch College, CUNY *

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Course

3100

Subject

Finance

Date

Jan 9, 2024

Type

PNG

Pages

1

Uploaded by aki77

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QUESTION 1 Which is the correct website for reporting and recovering from identity theft? ) a.www.fraudalert.com © b.www.ldentityFraud.gov () c.www.crimestoppers.com d.www.ldentityTheft.gov QUESTION 2 What does the minimum payment warning on credit card statements show? (O a.How long it will take to pay off your current credit card balance if only minimum payments are made O b. The total interest that you will pay if you only make the minimum payments until payoff (O c. The additional payment amount you need to make in order to pay off the current balance in three years @ d.All of the above QUESTION 3 What is debt consolidation? @ a.Paying off high interest debt using money borrowed at a lower rate of interest b.Making one payment to cover several bills (O c. Taking out another credit card to lower your credit utilization ratio () d.None of the above QUESTION 4 () a.Debt consolidation Paying as much as you can afford against your most expensive debt (highest interest rate) and paying minimum amounts against all other debts until that first debt balance is paid off, then paying off each debt in order until you are debt free is called? O b.Effective budgeting O c.The credit utilization ratio @ d.The "Avalanche Method" of debt repayment QUESTION 5 Which of the following is an example of consumer debt not secured by an asset? © a.Home mortgage O b.Boat loan (O c.Car loan @ d. Credit card debt QUESTION 6 Which is the correct formula for calculating Debt to Income Ratio (DTI)? @ a.Divide the sum of all of your monthly debts by your monthly gross income and convert to a percentage () b.Add your student loans and credit card debts together then divide by your last paycheck amount O c.Divide your annual income by your total amount of debt and convert to a percentage O d.Divide your credit card balance by your biweekly paycheck amount
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