Finance 1 Welcome to your Finance 1 Quiz. Please click on "Next" to continue. Financial debts are one of the primary causes of depression. True False 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 How much money does the average American household spend on phone, internet, and cable service each month? $600 $270 $635 $400 There are no educational requirements to become a debt counselor. True False 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 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 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. The average American household has 3 auto loans averaging $23,000 each. True False 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% As a sales agent, if you were talking to the owner of a debt counseling company, what would you say? We are looking for a good debt advisor for our Veterans, and we can promote you as an exclusive Veteran approved business online and at the Club. Most Veterans are not good with their finances and need a lot of help to get out of debt. We want to promote you in front of them. Teachers often have financial issues because of the short work years, and we would like to make sure they are getting advice from a trustworthy company. Most people would rather go to a consolidator than an advisor, so our services would be much help to you. But we would still like to put an ad up for you. Stage Name/Real Name Unit Time's up Posted on August 24, 2019April 24, 2020 By admin
