Introduction to Business

Section 2: Solving Credit Problems

Self-Checks

1
Committing fraud under another person's identity is called ______ theft.
A)credit
B)personal
C)identity
D)security
2
A ______ helps people work out a plan for getting out of debt.
A)bankruptcy attorney
B)credit bureau
C)consumer reporter
D)credit counselor
3
A ______ combines a consumer's debt into one loan with lower payments.
A)combo loan
B)mortgage
C)consolidation loan
D)payday loan
4
A legal process in which a borrower is relieved of debts after showing an inability to pay is called ______ .
A)bankruptcy
B)liquidation
C)consolidation
D)repossession
5
To protect yourself against credit fraud you should shred personal papers that contain your ______ and Social Security number.
A)account numbers
B)name
C)address
D)telephone number
6
If a person cannot afford monthly payments, the first thing to do is ______ .
A)file for bankruptcy protection
B)contact creditors
C)consolidate all debts
D)talk to a credit counselor
7
Victims of identify theft should file a(n) ______ report because creditors may require proof of the crime.
A)bankruptcy
B)insurance
C)credit
D)police
8
If your credit card statement shows a purchase that you did not make, contact the ______ .
A)credit bureau
B)police
C)credit card company
D)state attorney general
9
The last resort for dealing with credit problems is ______ .
A)consolidating loans
B)declaring bankruptcy
C)contacting the police
D)seeking credit counseling
10
A person who declares bankruptcy can expect the bankruptcy to appear on his or her credit report for at least ______ years.
A)three
B)ten
C)five
D)twenty-five
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