Financial Responsibility — Quiz Answers

Jaina and Tomas are being considered as new tenants in an apartment. The landlord looks at their creditworthiness because he wants to be sure his new tenant pays the rent on time and in full. The given table summarizes the information that was on their applications. Application Information Questions Jaina Tomas How many years have you had your job? 5 2 What is your monthly salary? $1,850 $2,500 How many credit cards do you have? 4 1 How much debt do you have? $13,000 $7,000 How many times were you late with payments on credit cards in the past year? 5 1 Who will the landlord decide to be more creditworthy and why?

Harold and Elaina are being considered for a car loan. The banker looks at their creditworthiness because he wants to be sure the bank will get the loan payments on time and that the loan will be paid back in full. The given table summarizes the information that was on their applications. Application information Questions Harold Elaina How many years have you had your job? 3 7 What is your monthly salary? $2,600 $2,250 How many credit cards do you have? 2 6 How much debt do you have? $3,000 $12,000 How many times were you late with payments on credit cards in the past year? 1 8 Who will get the better loan rate from the banker and why?

George’s parents are going on a cruise and are concerned about paying their bills while they are gone because they will not have the usual means of communication. What is the best payment method for them to use while they are gone?

Which person made the best payment decision for their preferences?

Anastasia makes a good salary but wants to be sure she has good credit so she can buy a condominium when she has saved enough money for a down payment on a mortgage. What is the best thing she can do to improve her creditworthiness?

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

Frank is worried about identity theft. He does not like to give access to his checking account to anyone but the bank. What is the best option for him to pay his bills?

The chart describes how four of Susan’s friends handle their money. Handling Money Person Description of Spending Sylvia She uses her whole paycheck to buy food and necessities and pay the minimum amount on her bills each month. Then, she buys new clothes and pays for them with a credit card. Nancy She uses her whole paycheck to buy food and necessities and then takes a trip each month, which she pays for by adding to a personal loan with her credit union. Fiona She buys food and necessities and pays more than the minimum due on her bills each month. She goes out with her friends using some of the money that is left over in her checking account. Uli She buys food and necessities and pays the minimum amount on her bills each month. She goes out with her friends using the money that is left over in her savings. Which person is most creditworthy?

Anastasia makes a good salary but wants to be sure she has good credit so she can buy a condominium when she has saved enough money for a down payment on a mortgage. What is the best thing she can do to improve her creditworthiness?

Ted has 55 point 0 0 dollars in his pocket. Which purchase will he be able to pay for with cash?