Which of the following is considered to be a key element to effective debt management?
A) Know and understand the costs of debt.
B) Complete a budget: always spend more than you earn.
C) Take the largest possible loan you can obtain.
D) Accept credit whenever it is offered.
E) None of the above
Answer: A
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A lender makes a real estate loan and charges discount points. Which of the following statements BEST describes the loan discount?
A. It can only be paid by the borrower. B. It can only be paid by the seller. C. It reduces the lender's return on the loan. D. It can be paid by either the borrower or the seller to the lender.
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Two organizations that help low-income earners obtain mortgages are the
A) VA and the FRB. B) FRB and the FHA. C) DOL and the VA. D) VA and the FHA.
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