Managing Credit and Debit — Test Answers

A credit score between 500 and 600 means a consumer would most likely

In the chart, closing costs refers to the

Beth withdrew 35 dollars from her checking account. In which column should she record the 35 dollars withdrawal? Open image in full-screen view

The type of credit people are most likely to use for small purchases during their lifetime is

Quincy listed information from his credit report. Which list could Quincy have written?

Which is an example of closed-end credit?

When people take out a mortgage, they must pay back the money

Borrowers taking a balloon payment mortgage most likely

Kenya used a debit card to buy a pair of jeans. Which statement is true about her method of payment?

People most likely need to take out a mortgage when they

Which is most likely to happen to consumers with good credit? Choose three correct answers.

This table can be used to organize Raj’s credit card balances and payments over 6 months. The annual percentage rate on the card is 18 percent Raj’s Credit Card Payments Month Balance Payment Interest Rate Interest Charged 1 500 dollars 100 dollars 0 point 0 1 5 6 point 0 0 dollars 2 406 dollars 50 dollars 0 point 0 1 5 3 361 point 3 4 dollars 50 dollars 0 point 0 1 5 4 316 point 0 1 dollars 50 dollars 0 point 0 1 5 5 270 dollars 50 dollars 0 point 0 1 5 6 223 point 3 0 dollars 50 dollars 0 point 0 1 5 What is the amount of total interest charged for the first 6 months?

Which best describes a way people can use personal loans?

A lender is assessing customers for loans. The credit scores of four customers are given here. Ida 820 Corrine 550 Bruce 390 Roland 610 Which person will the lender assess as having the lowest risk?

Paul wrote a check to the dentist for 345 point 6 9 dollars He’ll use the check register to record his transaction. What will be his new balance? Open image in full-screen view

Martin puts his weekly paycheck into his checking account. In which column should he write the value of his paycheck? Open image in full-screen view

The table shows a schedule of Mr. Kirov’s plan for paying off his credit card balance. Mr. Kirov’s Payment Plan Balance Payment New Balance Rate Interest 800 point 0 0 dollars 100 dollars 700 point 0 0 dollars 0 point 0 1 2 8 point 4 0 dollars 708 point 4 0 dollars 100 dollars 608 point 4 0 dollars 0 point 0 1 2 7 point 3 0 dollars 615 point 7 0 dollars 100 dollars 515 point 7 0 dollars 0 point 0 1 2 6 point 1 9 dollars If Mr. Kirov continues to make monthly payments of 100 dollars and does not make any new purchases, how many more payments will he need to make before the balance is 0 ?

Kylie has 500 dollars to open a checking account. She wants an account with the lowest fees. She sometimes writes a check for more money than she has in her account. She plans on using only her bank’s ATM to deposit her paychecks and withdraw cash. Bank Account Terms and Conditions Minimum Balance Interest Overdraft Protection ATM Fees Monthly Fee A 500 dollars 0 point 1 percent Yes 0 dollars for all ATMs 0 dollars B 250 dollars 0 percent no 0 dollars for ABC bank ATMs 5 dollars C 50 dollars 0 percent no 2 dollars per transaction 10 dollars or 0 dollars with direct deposit D 100 dollars 0 point 1 percent no 0 dollars per transaction 5 dollars or 0 dollars with direct deposit Which checking account would be best for Kylie?

What is easy-access credit?

Kendrick is planning to buy a house. Which explains why he should establish a positive credit history before buying the house?