Credit, Debt & Creditor Insurance Quiz

Test your knowledge about credit, debt & how it affects you

#1 What is the life expectancy for a Canadian born in 2011?

The answer is B – 81.7 years

#2 Which of the following is a valid reason for owning life insurance?

The answer is F – All of the above

#3 900 is a perfect credit score.

The answer is A – True

#4 Canadians have more debt than Americans.

The answer is A – True

#5 Which of the following is considered “Good Debt”?

The answer is B – Mortgage

#6 When a bankruptcy is discharged, after how many years can you apply for a mortgage?

The answer is A – 2 years

#7 Even if you have terminal cancer, you can get a mortgage.

The answer is A – True

#8 If you are declined for mortgage life insurance, you will have to pay a higher interest rate and/or you will have to pay off your mortgage more quickly.

The answer is B – False

finish

Results

How Did You Do?

6-8 Correct

Excellent!  You have a solid understanding of the basic concepts and principles of how credit works.  Continue educating and empowering yourself with information on debt management strategies and how they fit into a total financial plan.  Ask your advisor if your plan has all the necessary elements for securing your family legacy for the next generation.

3-5 Correct

Good start.  This proves you understand the importance of proper debt management.  The next step is to build on this knowledge base and continue developing your understanding of the basic concepts and principles of an effective debt management.  Be sure to talk to your advisor about new opportunities to protect your family, reduce your debt & keep your credit healthy.

2 or less Correct

Not bad, but you may still need some more information on effective debt management.  Not to worry, that’s what the Grow Your Wealth Today seminar was designed for.  Be proud of the fact that you have begun the journey and have taken the first step to educate yourself by attending this seminar. 

 

 

How Did You Do?

6-8 Correct

Excellent!  You have a solid understanding of the basic concepts and principles of how credit works.  Continue educating and empowering yourself with information on debt management strategies and how they fit into a total financial plan.  Ask your advisor if your plan has all the necessary elements for securing your family legacy for the next generation.

3-5 Correct

Good start.  This proves you understand the importance of proper debt management.  The next step is to build on this knowledge base and continue developing your understanding of the basic concepts and principles of an effective debt management.  Be sure to talk to your advisor about new opportunities to protect your family, reduce your debt & keep your credit healthy.

2 or less Correct

Not bad, but you may still need some more information on effective debt management.  Not to worry, that’s what the Grow Your Wealth Today seminar was designed for.  Be proud of the fact that you have begun the journey and have taken the first step to educate yourself by attending this seminar. 

 

 

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