Financial Responsibility

Question 1

Use what you have learned about secured and unsecured loans to complete these sentences.A loan that is associated with a valuable asset that can be taken by the lender is . Ray needs to get a new set of tires for her car, so she uses her credit card. If she does not pay her bills, there is no asset that can be seized. This means her loan is .Jack agrees to take out a mortgage. If he fails to make his payments, the bank may repossess his house, so his loan is .

Revolt · Accepted Answer

A: a secured loan

Question 2

Bruce borrowed $1,000 for his trip.If Bruce waits for five years to begin paying back his loan, how much will he owe?

Revolt · Accepted Answer

C: $1,500

Question 3

Bruce borrowed $1,000 for his trip.If Bruce waits for five years to begin paying back his loan, how much will he owe?

Revolt · Accepted Answer

C: $1,610.51

Question 4

Which of the following are more likely to happen if you have bad credit? Check all that apply.being denied a mortgagebeing denied an unsecured credit cardhaving to pay higher interest rates on loansgetting a great interest rate on a car loanhaving a strategy for dealing with a financial emergency

Revolt · Accepted Answer

A: being denied a mortgage; B: being denied an unsecured credit card; C: having to pay higher interest rates on loans

Question 5

Filing for bankruptcy can debt.

Revolt · Accepted Answer

B: eliminate

Question 6

Use what you have learned about secured and unsecured loans to complete these sentences.A loan that is associated with a valuable asset that can be taken by the lender is . Ray needs to get a new set of tires for her car, so she uses her credit card. If she does not pay her bills, there is no asset that can be seized. This means her loan is .Jack agrees to take out a mortgage. If he fails to make his payments, the bank may repossess his house, so his loan is .

Revolt · Accepted Answer

B: an unsecured loan

Question 7

A major consequence of bankruptcy is that it can an individual's chances of receiving additional credit.

Revolt · Accepted Answer

B: harm

Question 8

Use what you have learned about secured and unsecured loans to complete these sentences.A loan that is associated with a valuable asset that can be taken by the lender is . Ray needs to get a new set of tires for her car, so she uses her credit card. If she does not pay her bills, there is no asset that can be seized. This means her loan is .Jack agrees to take out a mortgage. If he fails to make his payments, the bank may repossess his house, so his loan is .

Revolt · Accepted Answer

A: a secured loan

Financial Responsibility Answers

More from this Course

TRY EDGENUITY HACKS