Understanding Credit — Unit test Answers

8 verified answers
1
Free Preview

A person’s credit score can range from a low of 300 to a high of what number?

Answer not available
3

Jessica is trying to get a credit card. She has a credit score of 790. How is Jessica’s lender likely to view this credit score?

J
Jessica is low risk and will pay her outstanding balances on time.
J
Jessica is low risk but will not pay her outstanding balances on time.
J
Jessica is high risk and will pay her outstanding balances on time.
J
Jessica is high risk but will not pay her outstanding balances on time.
4

Which is considered a good credit practice?

A
Use the credit card with the highest interest rate.
B
Make late payments.
C
Pay more than the minimum amount that is due.
D
Borrow more than one can afford to repay.
5

Which information can be found on a person’s credit report? Check all that apply.

A
an unpaid utility bill that has been given to a collection agency
B
the person’s credit rating
C
the person’s yearly income
D
the person’s social security number
E
an inquiry from a bank that requested the person’s credit report
F
the person’s education level
6

Aliyah made a payment in the amount of $47.93. She’ll use the check register to record her transaction. What will be her new balance? Do not use commas in your answer.$

Question illustration
Answer not available
8

Marcus deposited his paycheck in the amount of $625.84. He’ll use the check register to record his transaction. What will be his new balance? Do not use commas in your answer. $

Question illustration
Answer not available
9

In which column on a check register should the total current amount in the account be entered?

A
Deposit
B
Transaction
C
Balance
D
Debit
10

A down payment is usually what percentage of the asking price of a home?

A
0–5 percent
B
5–20 percent
C
20–50 percent
D
50–75 percent
11

A person’s credit score can range from a low of 300 to a high of what number?

Answer not available
12

Aliyah made a payment in the amount of $47.93. She’ll use the check register to record her transaction. What will be her new balance? Do not use commas in your answer.$

Question illustration
Answer not available
13

Rita has a credit card that gives a 6% discount on every purchase. The annual percentage rate on the card is 15%. She is purchasing a digital camera for $300.If she purchases the camera and only pays $80 on the first month’s bill, how much will she need to pay off the balance the following month?

A
$199.47
B
$204.53
C
$220.00
D
$222.75

Did you find these answers helpful?

Understanding Credit — Unit test Answers —…