Credit, Debt & Creditor Insurance Quiz

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

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

The answer is B - 81.7 years

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

The answer is F - All of the above

Question #3: 900 is a perfect credit score.

The answer is A - True

Question #4: Canadians have more debt than Americans.

The answer is A - True

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

The answer is B - Mortgage

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

The answer is A - 2 years

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

The answer is A - True

Question #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

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