How Credit Works — Unit test Answers

Look at the table below showing an example of a checkbook ledger.

Read what President Bill Clinton said about interest rates in his 1996 State of the Union address."Lower interest rates have made it easier for businesses to borrow and to invest and to create new jobs. Lower interest rates have brought down the cost of home mortgages, car payments, and credit card rates to ordinary citizens.”—President Bill Clinton, January 23, 1996

Missing one payment may cause borrowers to

Which is the best question for Joe to ask himself when deciding whether to open a checking or savings account?

What is the definition of gross income?

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What is the definition of inflation?

What is one way banking has changed in the 21st century?

Credit unions differ from retail banks because they are

Which is an example of a financial change that would require budgetary consideration?

Which living expense needs to be included in the budget of someone renting an apartment?

Why were savings and loans (S&Ls) originally established?

The best reason to record income at the top of a budget is

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