Carson’s bagwith his license, debit card, & credit card has been stolen. Which is not likely?

Take a college admissions exam in Carson’s name

Which is a general rule when dealing with credit reports to minimize identity theft?

Check each credit report at least once per year.

Paying the minimum payment on a credit card every month will:

make the final amount paid substantially higher

Becky no longer wants to use her store credit card. What's the best thing she could do with it?

Close the account by phone & in writing, then destroy it.

To answer the test question about open‐end credit, Ryan should include which statement?

Credit is extended in advance. The borrower dosen't reapply

Megan’s credit card statement indicates that she is now paying a penalty APR. Why?

Megan missed making her Jan and Feb credit card payments

Which is a general rule when dealing with credit reports to minimize identity theft?

Check each credit report at least once per year.

Tyler is trying to be responsible. How can he avoid paying interest on his new card legally?

Tyler needs to pay the credit card balance in full monthly

David earns $5k/month. He has a loan payment of $120, a car loan of $300. Which is true?

David’s credit payments are within the safe range

Bryce attempted to borrow money. His credit score is low. Which best describes what this means?

The interest rates on his loan will be higher

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PF Unit 6.0 6.01, 6.02, 6.03, 6.04

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PF Unit 6.0A SG

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Questions 12

Answers

1
Carson’s bagwith his license, debit card, & credit card has been stolen. Which is not likely?
Use Carson’s name during an arrest
Rent an apartment under Carson’s name
Make purchases with Carson’s credit card
Take a college admissions exam in Carson’s name
2
Which is a general rule when dealing with credit reports to minimize identity theft?
Wait 60 days before disputing any wrong information
Check each credit report at least once per year.
Keep credit reports in an easily accessible location,
Report mistakes to only one credit reporting agency
3
Paying the minimum payment on a credit card every month will:
help the cardholder create a plan for paying off a card
make the final amount paid substantially higher
allow the cardholder to avoid paying any interest charges.
pay a large % of the total balance owed every month.
4
Becky no longer wants to use her store credit card. What's the best thing she could do with it?
File the credit card away for use at a later time.
Keep the credit card in case she needs proof of ID
Close the account by phone & in writing, then destroy it.
Let a family member take over the credit account
5
To answer the test question about open‐end credit, Ryan should include which statement?
A down payment must be made before receiving a loan.
Payments are equal and required to be paid regularly.
Individuals can borrow an unlimited amount of money
Credit is extended in advance. The borrower dosen't reapply
6
Which is not an example of a data furnisher?
Medical provider
Landlord
Credit card company
Utility company
7
Matt wants to guard his personal info. Which info is least likely to be used by scammers?
Credit card numbers
Bank account numbers
Driver’s license numbers
Phone numbers
8
Megan’s credit card statement indicates that she is now paying a penalty APR. Why?
Megan’s credit card payment has been paid in last 6 months.
Megan missed making her Jan and Feb credit card payments
Megan’s card had a lower intro interest rate & now increased
The computer Megan got made her account go over the limit
9
Which is a general rule when dealing with credit reports to minimize identity theft?
Keep credit reports in an easily accessible location
Wait 60 days before disputing wrong info found in a report
Check each credit report at least once per year.
Report mistakes to only one credit reporting agency
10
Tyler is trying to be responsible. How can he avoid paying interest on his new card legally?
Tyler needs to make sure he pays the minimum balance
There is not a legal way for him to avoid paying interest
Tyler needs to limit the use of credit cards to transfers
Tyler needs to pay the credit card balance in full monthly
11
David earns $5k/month. He has a loan payment of $120, a car loan of $300. Which is true?
David’s credit payments are within the safe range
David’s loan payment must be sub from his car loan
David’s loan payment is in the safe range but his car isn't
David’s total credit payments are higher than recommended
12
Bryce attempted to borrow money. His credit score is low. Which best describes what this means?
The monthly loan payments will be lower
The interest rates on his loan will be higher
The interest rates on his loan will be lower
The purchase price of the item he needs will be higher

PF Unit 6.0 6.01, 6.02, 6.03, 6.04 Flashcards | StudBud