Finance 1 Welcome to your Finance 1 Quiz. Please click on "Next" to continue. 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.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 TrazillionHow much money does the average American household spend on phone, internet, and cable service each month?$600$270$635$400The average American household has 3 auto loans averaging $23,000 each.TrueFalseWhich of the following is not a good way to consolidate debt?Transfer outstanding balances to a single credit cardRefinance or get a second mortgage to cover debtsGet a small loan to pay off outstanding balancesAsk your phone company if you can include your car payment in the phone billFinancial debts are one of the primary causes of depression.TrueFalseConsolidators 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%There has been a dramatic increase in the number of car and student loans over the last 5 years.TrueFalseWhat 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.There are no educational requirements to become a debt counselor.TrueFalse Stage Name/Real Name Unit Time is Up! Posted on August 24, 2019April 24, 2020 By admin
