Unit 11 Quiz

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TAFE NSW - Sydney Institute *

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40815

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Information Systems

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Dec 6, 2023

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pdf

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8/27/2020 Unit 11 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181566&cmid=2696 1/9 Home / My courses / FNS40815-Cert IV / Appendix A - Assessments / Unit 11 Assessment Task Started on Thursday, 27 August 2020, 11:02 AM State Finished Completed on Thursday, 27 August 2020, 11:35 AM Time taken 32 mins 42 secs Grade 11 out of 15 ( 73 %) Feedback You have not reached 85% pass rate. Please revisit the Unit and try this quiz again Question 1 Correct Mark 1 out of 1 Assume you are a broker about to advertise your services in a particular print medium. You like to keep it big and bold to attract attention. From a compliance point of view, which of the following would not be considered to be “risky advertising”? Select one: a. “no interest* but fees apply?” (and in small print *conditions apply") b. “switch your loan to us and we’ll save you $30,000 over the next 5 years” c. “we’ll save you money if you switch” d. “we don’t charge fees” e. “let us choose a home loan that suits you” f. “we offer impartial advice”
8/27/2020 Unit 11 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181566&cmid=2696 2/9 Question 2 Incorrect Mark 0 out of 1 In almost all cases a client will have many questions and concerns regarding the loan process. How many questions they ask usually depends on what? Select one: a. The level of the client’s financial understanding or experience b. The size of the loan c. Anecdotal evidence the client has picked up through news or social media d. The level of input from friends and relatives Your answer is incorrect. Question 3 Correct Mark 1 out of 1 A Fact Find document is a crucial part of a broker’s role and indeed is recommended under responsible guidelines to be completed in all cases. The Fact Find document is also a script for a broker to follow when interviewing clients for the first time. Which of the following information is not crucial in the borrowing decision? Select one: a. Salaries including overtime bonuses and commissions b. Daily/weekly/monthly/quarterly/annual living expenses c. Current borrowing activity d. The number and type of insurance policies held by the client Your answer is correct.
8/27/2020 Unit 11 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181566&cmid=2696 3/9 Question 4 Correct Mark 1 out of 1 When a broker deals with a client there may sometimes be negative feedback from the client regarding what the broker says. The clients may not be happy with the product chosen, the fees, the process, the number of forms, the personal nature of some of the questions, etc. In some cases the client may not be totally happy with the process and in such instances the broker should re-assure the client with a response such as: (select one) Select one: a. “Don’t worry about that” b. “We will address that issue later” c. “All will eventually be revealed” d. “Allow me to explain in detail” Your answer is correct. Question 5 Correct Mark 1 out of 1 There is a growing trend amongst borrowers to use the services of a broker rather than applying for a loan by directly approaching a bank or other type of lender. There may be many reasons for doing this but a broker can significantly improve the process by: Select one: a. Providing a comprehensive brochure on their services and telling prospective clients what a broker can do for them b. Telling as many people as possible how difficult banks/lenders are to deal with on your own c. Pointing clients to the MFAA/FBAA websites d. Encouraging clients to read the ASIC website Your answer is correct.
8/27/2020 Unit 11 Assessment Task https://financeinstitute.ecampusv2.com.au/mod/quiz/review.php?attempt=181566&cmid=2696 4/9 Question 6 Incorrect Mark 0 out of 1 As opposed to irritating clients by introducing cross-sell products during the interview process most clients appreciate being made aware of other products that may complement their new loan. Which of the following "products" would not be recommended in this process? Select one: a. Financial planning b. Insurance services c. Asset finance (e.g. car loans) d. Building renovation services Your answer is incorrect. Question 7 Correct Mark 1 out of 1 Credit Representatives are required to be a member of an ASIC-approved EDR scheme such as AFCA. What does the E stand for in EDR? Select one: a. Exterior b. External c. European Union d. Extra
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