Legal Concepts Quiz

Writ of Enforcement can be filed against ______ or ______.

• Real property or personal property

• Intellectual property or digital assets

• Public property or government assets

• Foreign assets or offshore accounts

Garnishee Summons: Paycheque, _____ account, accounts receivable.

• Bank

• Savings

• Credit

• Investment

Paying off Debt with Debt: Tracking your spending and __________ spending.

• Reducing

• Increasing

• Ignoring

• Maximizing

Paying off Debt with Debt: Monitoring your _______.

• Budget

• Expenses

• Income

• Savings

Paying off Debt with Debt: __________ extra credit cards or lines of credit.

• Avoiding

• Using

• Applying for

• Maximizing

Fill in the blanks in the Debt Management 3-Step process: 1. ________ to reduce the number of debts 2. Renegotiate to reduce ________ charges 3. ________ to maximize your results

• Consolidate

• Interest

• Budget

• Invest

• Save

Consolidation may not be an option for dealing with your debt if your ______ is too high (greater than __%).

• debt-to-income ratio

• credit score

• savings account balance

• monthly expenses

Consolidation may not be an option for dealing with your debt if your payment history shows ______ or late payments.

• missed payments

• on-time payments

• early payments

• partial payments

Consolidation may not be an option for dealing with your debt if your credit history is ______ (few prior credit contracts).

• thin

• extensive

• excellent

• strong

Consolidation may not be an option for dealing with your debt if you do not have enough ______ (assets, i.e., house or vehicle) or a cosigner to offset the lender’s risk in extending the financing.

• collateral

• income

• credit score

• savings