AnswersEA Academy Civics 9Creating a Personal Budget

Introduction to Waves Answers

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1
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A secured line of credit is

A
a loan secured with property owned by the borrower.
B
a loan secured with property owned by the lender.
C
an asset secured with a loan owned by the lender.
D
collateral secured with property owned by the borrower.
2
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Which of the following are examples of unsecured lines of credit? Choose three correct answers.auto loanscredit cardsmortgagespersonal loansstudent loans

A
auto loans
B
credit cards
C
mortgages
D
personal loans
E
student loans
3

Read the scenario. Which statement is correct?

A
Option 1 has the lowest monthly payment.
B
Option 2 has the highest monthly payment.
C
Option 3 has the lowest monthly payment.
D
Option 3 has the highest monthly payment.
4

Which event contributed to the growth of predatory lending in the US?

A
an increase in banking laws
B
the growth of community banking
C
the closing of payday loan companies
D
a decrease in banking laws
5

How do interest rates affect the repayment of loans?

A
Higher interest rates create less costly loans.
B
Higher interest rates create more expensive loans.
C
Lower interest rates create shorter repayment terms.
D
Lower interest rates create more expensive loans.
6

What are disadvantages of using credit? Choose two correct answers.It can affect people’s ability to make future purchases.It can help people build their credit history.It can help people pay for emergency expenses.It can lead to stress over making payments.It can enable people to make large purchases.

A
It can affect people’s ability to make future purchases.
B
It can help people build their credit history.
C
It can help people pay for emergency expenses.
D
It can lead to stress over making payments.
E
It can enable people to make large purchases.

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