Finance 1 Posted on April 4, 2018April 22, 2020Author Ray Foster 0 Welcome to your Finance 1 Quiz. Please click on "Next" to continue. What is the primary difference between a debt advisor and a debt consolidator? Debt advisors work with clients to merge their debts into a single bill , while consolidators help clients plan their financial future. Debt advisors help their clients plan for their financial future, while consolidators work with clients to merge their debts into a single bill. Debt advisors will often work to pay off a client's debts, while a consolidator offers the client a spreadsheet detailing their expenses. Consolidators are always non-profit, and all debt counselors are trying to make a profit.Financial debts are one of the primary causes of depression. True FalseWhich of the following is not a good way to consolidate debt? Transfer outstanding balances to a single credit card Refinance or get a second mortgage to cover debts Get a small loan to pay off outstanding balances Ask your phone company if you can include your car payment in the phone billWhat are the primary objectives of a debt counselor/adviser? (Select all that apply) Help clients manage their debts Help clients examine their spending habits Help clients understand the difference between a good debt and a bad one Help clients by providing a loan to help them get out of debtThe average American household has 3 auto loans averaging $23,000 each. True FalseAccording to the latest information from the Federal Reserve, credit debt has exceeded what dollar amount? $3.5 Billion $3.5 Bazillion $3.5 Trillion $3.5 TrazillionThere has been a dramatic increase in the number of car and student loans over the last 5 years. True FalseConsolidators who make loans to cover existing debts often charge an annual percentage rate of what? Between 25% and 30% Between 0% and 5% Between 10% and 21% Between 21% and 50%There are no educational requirements to become a debt counselor. True FalseHow much money does the average American household spend on phone, internet, and cable service each month? $600 $270 $635 $400 Stage Name/Real Name Unit Time is Up!