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AFC PREP TEST QUESTIONS WITH 100% CORRECT ANSWERS!!
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AFC PREP TEST QUESTIONS WITH 100% CORRECT ANSWERS!!
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Name: Score:101 Multiple choice questions
Term 1 of 101
Dave joins a multi-level marketing company that sells cleaning products. At the first meeting they
focus almost the entire meeting on the benefits of recruiting others to your organization, and how
much money they can make from doing that. They have some of their star recruiters get up and
tell them certain scripts to use to get their friends to join. Almost no mention is make of the
products. What type of scheme or scam has Dave joined?
Pyramid scheme
Ponzi scheme
Phishing
Tiered pricing
Term 2 of 101
T/F: Divorce could affect the credit worthiness of both partners
True
False
Term 3 of 101
Which form of bankruptcy is also known as "liquidation?"
Chapter 7
Chapter 12
Chapter 11
Chapter 13
,Term 4 of 101
A client cannot make their student loan payment because they lost their job. What is their first
step they should take?
Preventative
Look into an income-based repayment plan.
Making a payment on one credit card with a cash advance from another.
Financial knowledge
Term 5 of 101
Which of the following should be last resort?
Applying for a flex Mod
Selling the home on your own
Deed-in-Lieu of Foreclosure
Short sale
Term 6 of 101
What is the front-end ration measure?
Medical debt
Finance charge
Housing debt
Credit card debt
Term 7 of 101
T/F: it is legal to "Exemption plan" so you lose few assets in bankruptcy
True
False
, Term 8 of 101
Which of the following is illegal according to the Fair Debt Collection Practices Act?
A debt collector calling 47 times in one day.
A debt collector offering a payment plan for the debtor's convenience.
A debt collector sending a reminder letter once a month.
A debt collector providing information about payment options.
Term 9 of 101
If someone is being sued for a debt they do not owe and does not show up to court or respond
to any notices from the collector's attorney, what kind of judgement do they get?
Default judgement
Summary judgement
The client
Deficiency judgement
Term 10 of 101
A client knows how to pay for a purchase by using a credit card. What level of learning/practice is
the client at?
Financial literacy
Financial knowledge
Financial ability
Financial well-being
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