AnswersCMS 2026-2027 Economics and Personal Finance HONORS INITIAL CREDITManaging Financial Information

Managing Financial Information — Quiz Answers

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1
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Which is the best option for someone who wants to improve his or her credit and pay less interest on the debt?

A
15 dollars a month because it will let the person keep more spending money
B
100 dollars a month because it will reduce the amount of interest paid
C
100 dollars a month because it will free up credit to buy other things
D
15 dollars a month because it will save money in the long run
2
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Which statement best describes the lender’s viewpoint of William? A car dealership analyzing whether it will loan money to William to buy a new car finds that his credit score is in the "very good” range.

A
He is a high-risk borrower who qualifies for higher interest rates.
B
He is a low-risk borrower who will struggle to obtain a loan.
C
He is a low-risk borrower who qualifies for lower interest rates.
D
He is a high-risk borrower who will get multiple loan offers.
3

Bryan receives an e-mail from a group posing as a police officers association and asking for bank account information. This is an example of

A
forgery.
B
counterfeiting.
C
phishing.
D
social engineering.
4

Which statement best describes how lenders determine borrowing conditions for a customer?

A
They access the customer’s credit reports.
B
They look into how much the customer has saved for emergencies.
C
They see how large of a down payment the customer makes.
D
They access the customer’s work history.
5

The Jones family would like to buy a home, but they have a large amount of debt that has led to a weak credit score. What step could the Jones family take to improve their credit?

A
They could declare bankruptcy to eliminate the debt they owe.
B
They could ask a credit agency for assistance with paying off debt.
C
They could ask creditors to defer loans while they apply for a mortgage.
D
They could hire a financial adviser to figure out how to pay off their debt.
6

Which information is included on a person’s credit report? Choose four correct answers.

A
whether bills are paid on time
B
how much money lenders will loan
C
money owed to a relative
D
interest rates for different loans
E
current credit cards and loans
F
total amount of money owed
7

Which statement best describes how lenders determine borrowing conditions for a customer?

A
They look into how much the customer has saved for emergencies.
B
They see how large of a down payment the customer makes.
C
They access the customer’s credit reports.
D
They access the customer’s work history.
8

Checking a credit report is a good way to

A
decrease interest payments.
B
reduce the amount of money owed.
C
know whether credit is improving.
D
determine which debts to pay off.
9

Which statement best describes the lender’s viewpoint of William? A car dealership analyzing whether it will loan money to William to buy a new car finds that his credit score is in the "very good” range.

A
He is a high-risk borrower who will get multiple loan offers.
B
He is a high-risk borrower who qualifies for higher interest rates.
C
He is a low-risk borrower who will struggle to obtain a loan.
D
He is a low-risk borrower who qualifies for lower interest rates.
10

Which person is a victim of identity theft?

A
Pam, whose smartphone was stolen and used to make a mortgage payment
B
Suzie, whose e-mail was stolen and used to apply for a credit card from a major retailer
C
Thomas, whose credit card information was stolen and maxed out at a jewelry store
D
Michael, whose credit score was stolen and used to make a down payment on a home

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