Practical Money Skills - For Consumers


	Real Life Consumers Students		Choices & Decisions Teacher's Guide In-class Activities

1. Financial difficulties are commonly caused by overspending.
TRUE	FALSE
2. People with financial difficulties may obtain assistance from the Consumer Credit Counseling Service.
TRUE	FALSE
3. Consolidation loans are mainly used to finance the starting of a new business.
TRUE	FALSE
4. Debt collectors are usually allowed to call you at home before 8 p.m.
TRUE	FALSE
5. Bankruptcy is suggested for people who are a few weeks behind in their credit payments.
TRUE	FALSE
6. A common cause of financial difficulties is:
poor money management habits	a need for additional career training
preparing your tax return	not having enough life insurance
7. A nonprofit organization that provides financial counseling is:
the Canada Deposit Insurance Corporation	the Consumer Credit Counseling Service
the Better Business Bureau	the National Credit Union Administration
8. The purpose of a consolidation loan is to:
deduct amounts owed from a person's paycheck	pay off one credit card amount before others are paid
combine several debts into one payment	reduce the amount owed for federal income taxes
9. An example of a fair debt-collection practice would be to:
pretend to be a salesperson to attempt to collect a debt.	threaten to take legal action to collect the money owed.
call a debtor at work even if personal calls are not allowed	call a debtor at home before 8 p.m.
10. Bankruptcy refers to the process of:
obtaining permission to be late with credit payments	obtaining assistance from a credit counseling service
using court action to reduce or eliminate your debts	using court action to have payments owed deducted from your paycheck