Quiz for AHRM 4314 - Debtor-Creditor Relationships with Glynn at Virginia Tech (VT)

Quiz Information

Material Type:Quiz 6
Class:AHRM 4314 - Debtor-Creditor Relationships
Subject:Apparel, Housing, & Resour Mgt
University:Virginia Polytechnic Institute And State University
Term:Fall 2005
  • Cash Flow Assets
  • Period Cost
  • Impulse Buying
  • Medical Expenses
  • Dissolution
  • Either...or
  • Satisfaction
  • Perspective
  • Relationship
  • Responsibility
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Sample Document Text

QUI Z #6-Section I Name ____________________________ _ 1. (20) In class, the general causes of credit problems (delinquencies, defaults, inability to pay, etc)for consumers were discussed. Identify those causes and discuss each briefly. General causes of credit problems for consumers. . A. Unexpected financial obligations. 1. New baby. 2. Uninsured casualty loss (car wreck, home flooded, etc.) 3. Uninsured and unanticipated medical expenses. 4. Uninsured liability claim against the debtor B. Inadequate income 1. Loss of employment. 2. Reduction in hours worked or pay scale. 3. Insufficient income. C. Creeping enhancement of lifestyle. 1. Impulse buying. 2. Keeping up with the neighbors. D. Inattention of the debtor to the status of their financial position. 1. Generally, the credit providers rarely impose on consumers the fiscal discipline to guard against allowing debt obligations to exceed the resources available for payment and ultimate satisfaction of those obligati...

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