If you are stumped on a question, remember the basic quiz assumptions.
Question One - Factors to keep in mind:
The right answer is: C. Don’t pay any of them.
Question Two - Factors to keep in mind:
The right answer is C Hold on to your $500 and don’t pay either of them.
You will have $500 more which can be used:
The settlement offer from the $1,000 creditor may be retracted but:
Question 3 - Factors to keep in mind:
The Right Answer is: B As slowly as possible.
Question Four - Factors to keep in mind:
How important is the creditor to your survival?
The right answer is: Creditor B, who is a necessary supplier. They pose an immediate threat.
The wrong answers:
A. Ignoring collection attempts makes a bad situation worse and may escalate collection activity.
B. Telling the truth and asking for cooperation is honorable but if not handled properly may also escalate collection activity.
C. Settling for 10 cents on the dollar is great, IF you have the money.
D. A 2 year interest free payment plan is also great, IF you have the money.
The right answer is: E - Settle for the full amount of the debt plus interest with no payments due for 12 months and then payments over the next 12 months.
Even though this is the most expensive option, it is affordable and makes the most financial sense.
Question 6 - Factors to keep in mind:
Before making any settlement, you must weigh the benefits of settling with that creditor against the consequences of not being able to settle with other creditors.
The right answer is B: Give the $2,000 to Creditor B voiding the settlement
with Creditor A.
Question 7- Factors to keep in mind:
The right answer is: D. All of these could hurt your credit score.
The wrong answers are:
A. If you don’t pay on time, your score goes down.
B. Settling for less than you owe decreases your credit score.
C. While making timely payments helps your credit score, when your cards are maxxed out, making minimum payments shows your inability to pay down your debt and lowers your credit score.
Question 8 - The right answer is: B. $50,000 payable at $2,500 a month for 20 months with payments starting a year from now.
Question 9- Factors to keep in mind:
The right answer is: F. None of these are a high priority.
None of these creditors pose an immediate threat to your business.
Extend settlement negotiations out over as long a time as possible because:
Question 10 - Factors to keep in mind:
The right answer is: A. Profitability
Question 11- Factors to keep in mind:
The right answer is: C. Refuse to allow them to pick up the equipment.
Question 12 - The right answer is: D. Combination of B and C
Question 13 - The right answer is: C. Over 1,000
There are a total of
[ 6 x 10 x 3 x 3 x 3 ] = 1,620 unique combinations
Question 14 - Factors to keep in mind:
The right answer is: C. Counter offer with a two year payment plan at 10% interest.
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