Financial Responsibility Answers

Which statement describes a disadvantage of Marnie paying a bill by telephone with a credit card or a debit card?

The chart describes four situations involving financial responsibility.Financial ResponsibilityPersonFinancial DecisionsHallieHas multiple loans at the same timeHaydenHas more income than the amount of debtAlisonMade payments less than the minimum amount dueJoelMade late payments several times before the bill was paidWhich person is financially responsible?

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?

Which is a short-term consequence of making a late payment on your bill?

Veronique and Lily each bought a piece of luggage that had the same price in different stores. The table below shows how they will pay for the item. Payment for PurchasesNamePayment TypePayment Amount (Including Finance Charges)Number of Months to Pay for ItemVeroniqueStore financed$2510LilyCredit card$357Who made the better financial decision and why?

Ted has $55.00 in his pocket. Which purchase will he be able to pay for with cash?

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 table below summarizes the information that was on their applications.Application informationQuestionsJainaTomasHow many years have you had your job?52What is your monthly salary?$1,850$2,500How many credit cards do you have?41How much debt do you have?$13,000$7,000How many times were you late with payments on credit cards in the past year?51Who will the landlord decide to be more creditworthy and why?

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

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 is a long-term consequence of making late payments on your bills?