Answers 2526 Full 2102320 Economics HONORS NEW CREDITUnit Test

Unit Test — Unit test Answers

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Which results are more likely for someone without personal finance skills? Select three options.larger long-term credit or loan costsless preparation for emergenciesfewer utility expensessimple long-term investment strategiesincreased long-term challenges

larger long-term credit or loan costs

less preparation for emergencies

fewer utility expenses

simple long-term investment strategies

increased long-term challenges

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It is important to shop around for credit because banks and financial institutions

have varying credit histories.

charge different fees.

follow different laws.

have varying discriminatory policies.

Lenders are prohibited from

considering borrowers’ race, sex, and national origin.

explaining to borrowers why their application was rejected.

using borrowers’ information in a responsible manner.

considering borrowers’ sources of income other than salary.

There are four steps in solving one’s personal financial challenges:1. considering opportunity costs2. assessing risks and returns 3. setting short- and long-term goals4. assessing needs and wantsWhich of these is the correct order of these steps?

2, 1, 3, 4

1, 2, 3, 4

4, 1, 2, 3

4, 2, 3, 1

How do long-term financial goals differ from short-term financial goals?

Long-term goals require more money than short-term goals.

Long-term goals are more stable over time than short-term goals.

Long-term goals are less attainable than short-term goals.

Long-term goals require less preparation than short-term goals.

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Unit Test — Unit test Answers

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