AnswersFall 24 GSE Physical Science B ICElectric Charge

Credit, Interest, and Debt Answers

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21
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Compound interest is interest paid on the loan amountminus the length of the loan.minus any interest that has accumulated.plus any interest that has accumulated.plus the length of the loan.

A
minus the length of the loan.
B
minus any interest that has accumulated.
C
plus any interest that has accumulated.
D
plus the length of the loan.
22
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Abbey wants to borrow $5,000 for one year. At the end of the year, she is required to pay the lender the amount borrowed plus interest. Abbey pays the lender $5,450. How much interest did Abbey pay?

A
$5,000
B
$500
C
$450
D
$5,050
23

How can borrowers use credit wisely? Choose three correct answers.by applying for additional creditby creating a budgetby identifying their wants and needsby increasing their credit card useby making minimum credit card paymentsby saving money and paying cash

A
by applying for additional credit
B
by creating a budget
C
by identifying their wants and needs
D
by increasing their credit card use
E
by making minimum credit card payments
F
by saving money and paying cash
24

Carrying debt requires making monthly payments, which canmake it easier to balance a budget.increase the money available to spend on other things.reduce stress about financial planning.decrease the money available to spend on other things.

A
make it easier to balance a budget.
B
increase the money available to spend on other things.
C
reduce stress about financial planning.
D
decrease the money available to spend on other things.
25

What is one advantage of opening and using loans?

A
They help to build credit.
B
They lower expenses long-term.
C
They help to reduce debt.
D
They increase total income.
26

Abby has the option of using her credit card, which has compound interest of 10%, for a $5,000 expense. She also sees an offer for a personal loan of $5,000, with 10% simple interest. Why might the loan be a better deal?

A
The personal loan will end up costing only $5,000 in the end, while the credit card will cost more.
B
If Abby opens an additional line of credit with the personal loan, her credit score will improve.
C
With simple interest, the interest will not accumulate if Abby does not pay the loan off quickly.
D
Personal loans do not have payment deadlines the same way that credit cards do.
27

Why might a person be tempted to borrow from a payday loan store?

A
The borrower has few other options due to income.
B
The borrower is drawn to the possibility of low rates.
C
The borrower could receive an increase in their pay.
D
The borrower likes the inexpensive fees of these loans.
28

A plastic rod becomes negatively charged when it is rubbed with a piece of wool. How does the rod become charged?

A
Electrons move from the rod to the wool.
B
Protons move from the rod to the wool.
C
Electrons move from the wool to the rod.
D
Protons move from the wool to the rod.
29

Review the table, which shows a credit card statement.

Question illustration
A
$5,000
B
$425
C
$550
D
$80
30

Louisa makes a payment that completely pays off her credit card. What happens to her line of credit as a result?

A
Louisa receives her money back from the lender.
B
Louisa still has to pay off the interest on the loan.
C
The entire amount is available for Louisa to use again.
D
The lender takes the credit card back from Louisa.
31

A negatively charged rod is placed near two neutral metal spheres, as shown below.

Question illustration
A
The spheres are charged through friction.
B
The spheres develop the same charge.
C
Electrons move from the rod to Sphere A.
D
Electrons move from Sphere A to Sphere B.
32

Review the table, which compares the credit history of four potential borrowers.

Question illustration
A
Monica
B
Jarva
C
Alison
D
Katrina
33

Shareen performs a skit to model a method of charging. In the skit, a painter shakes her hand and gets paint on her.

A
It models induction because the painter represents a neutral object and the paint represents electrons that are transferred through rubbing.
B
It models conduction because the painter represents a charged object and the paint represents electrons that are transferred through contact.
C
It models induction because the painter represents a charged object and the paint represents electrons that are transferred through contact.
D
It models conduction because the painter represents a neutral object and the paint represents electrons that are transferred through rubbing.
34

Keyshia uses only some of the credit line on her credit card and pays off the balance every month. What might the lender of her loan do as a result?

A
shorten her repayment period
B
increase her credit limit
C
close her line of credit
D
take away one of her assets
35

As Raina makes sure she has enough money for her auto loan payment, she reminds herself that her car is considered collateral. What does this mean?

A
Raina cannot borrow any more money until she pays for the car.
B
If Raina cannot pay the loan, the car will be taken back from her.
C
The car is tied to the value of the mortgage on Raina’s home.
D
Once Raina pays back the loan, the lender will own the car.
36

Review the table, which shows a credit card statement.

Question illustration
A
The payment will increase her credit by $500.
B
The payment will decrease her credit by $500.
C
Her available credit will remain the same.
D
Her available credit will double in amount.
37

What is the advantage of saving for 5 years to pay the total price for a car, over buying the car today using a 5-year loan?

A
avoiding interest payments
B
paying less interest
C
spreading out payments over time
D
building one’s credit

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