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May 18, 2020 Quizzle Answers

Question One

If an applicant discloses that they receive a pre-paid VISA debit card to assist with fuel and other daily expenses from their parents, the manager should determine that this card represents income to the household and take the appropriate steps to verify and include this within the anticipated annual income for the household. True or false?

Answer: True. All cash funds presented directly to a household must be verified and viewed as income. Additionally, the VISA debit card may need to be treated as an asset and the current balance verified.

 

Question Two

When determining annual income, all cash payments that are paid on behalf of a resident or applicant from someone other than a household member must be verified and included as income, if appropriate. These would also include cash and non-cash payments paid directly to the household. True or false?

Answer: True.  As outlined in Exhibit 5-1 of the 4350.3 HUD Handbook, the only exclusions are groceries delivered to the household and childcare payments paid directly to the childcare provider.

 

Question Three

A household has a checking account with a six-month average balance of $875 and a current balance of $958, a certificate of deposit with a market value of $10,000 with a $500 penalty to cash it in, and a savings account with a current balance of $3,125 and a six month average balance of $3,456. What is the total cash value of the household's assets?

  1. $13,500
  2. $14,083
  3. $14,000
  4. $13,914

Answer: A


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