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THS Financial Literacy Quiz Flashcards | StudBud

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How can a person avoid paying interest on a credit card?

Which of the following categories influence your FICO score?

THS Financial Literacy Quiz

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Questions 6

Answers

1
Which of the following categories influence your FICO score?
Outstanding debt
Types of credit used
What state you live in
Your career
2
How can a person avoid paying interest on a credit card?
Pay the minimum balance on time
Pay the balance off in full on time
Close your account when the balance is too high.
Take a cash advancement through your credit card company
3
What is the difference between a credit card and a debit card?
Credit card can be used without money in account
Debit cards help build your credit.
Credit cards are accepted everywhere, debit cards are not.
There is no risk in using a debit card.
4
Paying the minimum payment on a credit card every month will:
create a plan for paying off a credit card earlier
allow the cardholder to avoid paying any interest charges
make amount paid higher than initial charge
pay a large percentage of the total balance owed every month
5
Why would I want to establish a positive credit score?
To open up a savings or checking account
To earn interest on investments
It will influence your ability to find a place to live
Colleges look at as criteria for acceptance
6
Edward wants to develop a positive credit history. How should he do this?
Have one type of credit account
Pay cash for the majority of purchases
Maintain reasonable amounts of available credit
Open credit accounts in his parents’ names