Financial Responsibility Answers

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Choose the statement that describes an advantage of paying a bill through the mail with a check.

No additional costs are involved.

The payment is noted immediately.

The bill is automatically paid on time.

You do not have to share banking information.

Which is a possible benefit of having a good credit history?

having a checking account

low interest rate on a car loan

high interest rate on a credit card offer

bankruptcy

What must Freya consider before using her debit card? Check all that apply.

She must be sure there is at least $135 in her bank account for the purchase.

She must check the interest rate on the debit card.

She must check to see if any automatic payments are scheduled for heraccount.

She must check her credit history.

She must make sure she will be able to make the monthly payments.

Which questions should Freya answer before using a credit card? Check all thatapply.

Can I pay at least the minimum payment each month?

Can I make payments on time and avoid late fees?

Will I have to take out a loan?

How much in finance charges can I afford to pay?

Should I talk to a consumer credit counseling service?

Which financial problems might cause a person to be considered a bad risk for a loan to purchase a home? Check all that apply.

applying for loans to pay for college

making late payments

having more debt than income

filing for bankruptcy

paying a credit card balance in full each month

Which expense is a bank least likely to extend a line of credit for?

job training after high school

a flat-screen TV

improvements to a home

a car to be used for transportation to and from work

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