Financial Algebra Benchmark Review Part 1

Flashcard
•
Mathematics
•
12th Grade
•
Hard
+2
Standards-aligned
Wayground Content
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15 questions
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1.
FLASHCARD QUESTION
Front
What are the benefits of having a cosigner on a loan?
Back
Having a cosigner with good credit increases the chances of loan approval and can lead to a lower interest rate.
2.
FLASHCARD QUESTION
Front
What is a true statement about bankruptcy?
Back
Bankruptcy significantly decreases your credit score.
3.
FLASHCARD QUESTION
Front
What is the Debt Snowball method for paying off debt?
Back
The Debt Snowball method involves making minimum payments on all debts and putting any extra cash toward the debt with the lowest balance.
Tags
CCSS.8.EE.C.7B
4.
FLASHCARD QUESTION
Front
What should Theo try before filing for Chapter 7 bankruptcy?
Back
Theo should meet with a credit counselor, use a debt repayment strategy, and set up a debt management plan, but he should avoid paying a debt settlement company.
5.
FLASHCARD QUESTION
Front
What is the role of a credit counselor?
Back
A credit counselor provides low-cost financial advice and creates debt management plans.
6.
FLASHCARD QUESTION
Front
What is the impact of bankruptcy on your credit report?
Back
Bankruptcy stays on your credit report for several years, affecting your creditworthiness.
7.
FLASHCARD QUESTION
Front
What is the purpose of a debt management plan?
Back
A debt management plan helps individuals manage their debts by consolidating payments and negotiating with creditors.
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