| A | B |
|---|
| Length of time credit activity stays on your credit report | 7 years |
| Who can garnish your wages and bank accounts without going to court? | The government including the IRS and student loans |
| This is main source of calculating your FICO score. | Debt |
| Which credit accounts show on your credit report? | All credit accounts appear for 7 years regardless of their status |
| The order to list debts on a debt snowball | Smallest debt to largest debt |
| The most expensive way to finance a car. | Leasing |
| When should you co-sign a loan for someone else? | Never |
| What is the only mortgage loan someone should get on their house? | 15 year fixed rate mortgage |
| What does ARM stand for? | Adjustable Rate Mortgage |
| What is the best way to buy a car? | Buy with cash a used car that has already went through depreciation |
| The key to building wealth is: | Staying debt free |
| What % of Americans do not pay off their credit card balance every month. | 78% |
| Steps to take before making a significant purchase | Wait overnight, Consider your buying motives, Don't buy what you don't understand, Consider the opportunity cost, Seek counsel |
| A clerk assisting a customer is an example of: | Personal selling |
| By asking yourself, “Why am I buying this you are examining your: | Buying motives |
| How often should you check your credit report? | Every year |
| List the four walls | Food, Shelter, Clothing, Transportation |
| To reclaim possession of an item because the borrower failed to make payments: | Repossession |
| An overdue payment is called: | Delinquency |
| The homeowner can't make payments on the mortgage and the lender takes the property: | Foreclosure |
| List the 3 credit reporting agencies | Equifax, Transunion, Experion |
| A collector is taught to: | Evoke strong emotion |
