1) The Singhs must sell their house in a short sale and the bank has agreed to forgive the remaining amount owed.

Which of the following is true in this scenario?

A) The Singhs must sell their house for at least as much as the mortgage amount.

B) The lender or the bank is foreclosing on the Singhs' house.

C) The amount forgiven for the Singhs is considered as taxable income.

D) The short sale does not affect the Singhs' credit scores.

2) Sylvia has monetary assets of $24,000, and the minimum amount she needs to spend each month is $6,000. The formula for emergency fund ratio is as follows: Emergency Fund Ratio = Monetary Assets / Monthly Living Expenses

For howlong will Sylvia's emergency fund last?

A) 4 months

B) 3 months

C) 12 months

D) 2 years

3) Alex wants to purchase a car. He begins to shop for an auto loan.

What information does he need to have before he selects an auto loan?

A) He needs to determine the total amount he can afford to spend on the car.

B) He needs to identify the car dealership he wants to buy the car from.

C) He needs to determine the make and model of the vehicle he is interested in buying.

D) He needs to obtain an estimate of the insurance amount he will have to pay toward the car.

4) Karen needs to borrow $2,500 for the repair of the oven in her bakery. She uses her problem-solving skills and finds a lender through an online lending platform who agrees to loan her the money she requires.

Which type of loan is Karen opting for in the given scenario?

A) Payday loan

B) Pawn shop loan

C) Title loans

D) Peer-to-peer lending