AnswersPersonal Finance - EL3403Financial Responsibility

Financial Responsibility Answers

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1
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Choose the advantages of using a credit card. Check all that apply.

A
builds credit history
B
no monthly payments
C
no interest fees
D
small payments over time
E
emergency funds intact
2
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Henry is having trouble paying his rent and making minimum payments on loans and credit cards. Which should he consider? Check all that apply.

A
Apply for a larger loan at a different bank.
B
Create a budget to track income and expenses.
C
Apply for a credit card to pay for his other expenses.
D
Make less than the minimum payments on his loans and credit cards.
E
Talk to a consumer credit counseling service.
3

Which is not a good financial decision?

A
building a savings account and taking out fewer and smaller loans in the future
B
making monthly payments on a loan on time
C
paying off a loan as soon as possible
D
frequently spending more money than is earned
4

Which is a disadvantage of withdrawing more money than is available in a checkingaccount?

A
late payment fee
B
overdraft fee
C
interest fees
5

Choose the advantages of using a credit card. Check all that apply.

A
builds credit history
B
no monthly payments
C
no interest fees
D
small payments over time
E
emergency funds intact
6

Which is a disadvantage of withdrawing more money than is available in a checkingaccount?

A
late payment fee
B
overdraft fee
C
interest fees
7

Which is not a good financial decision?

A
building a savings account and taking out fewer and smaller loans in the future
B
making monthly payments on a loan on time
C
paying off a loan as soon as possible
D
frequently spending more money than is earned
8

Henry is having trouble paying his rent and making minimum payments on loans and credit cards. Which should he consider? Check all that apply.

A
Apply for a larger loan at a different bank.
B
Create a budget to track income and expenses.
C
Apply for a credit card to pay for his other expenses.
D
Make less than the minimum payments on his loans and credit cards.
E
Talk to a consumer credit counseling service.
9

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

A
No additional costs are involved.
B
The payment is noted immediately.
C
The bill is automatically paid on time.
D
You do not have to share banking information.

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