How can Tyler legally avoid paying interest when using his credit card?

Pay the balance in full every month before the due date

Which is an act of identity theft?

Wrongfully using someones personal identification

Megan's credit card statement shows that she is paying a penalty APR. Which best describes why?

She missed two payments while she was on a trip

Sarah will turn 18 next month and she plans to apply for a credit card which statement is true?

Sarah can have one if she has a cosigner or proof of income

In which situation would liability insurance protect the policyholder

James backed into a car causing$3000 in damages to other car

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

Check credit report at least once a year

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

Make the final amount paid higher than the initial amount.

To decrease risk of fraudulent use of credit cards which strategy would be the MOST effective

Signing the back of card with "please see picture ID"

Which best describes the benefits of having insurance

insurance & emergency savings provide financial security

Which is NOT something an identity thief might realistically do with your information

take a college admissions exam in your name

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6.03-6.04

15 termsStudBud Administration9 plays

#Personal Finance

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Questions 15

Answers

1
How can Tyler legally avoid paying interest when using his credit card?
Limit the use of his credit card to balance transfers only
Pay the balance in full every month before the due date
He needs to understand he is required to pay interest
Pay the minimum balance every month
2
Which is an act of identity theft?
Wrongfully using someones personal identification
Having the same name as another person
Taking the identity of someone for a costume
Receiving permission to use parents card for school clothes
3
Megan's credit card statement shows that she is paying a penalty APR. Which best describes why?
she had a low introductory rate for a year and now it's high
She bought a computer and it went over her credit limit
Her credit card payment has been paid in full for 6 months
She missed two payments while she was on a trip
4
Maggie will need to pay $120 each month for her health insurance. This is known as
moral hazard
deductible
co-insurance
premium
5
Which action will not make an individual vulnerable to identity theft ?
Responding to an email from ones depository institution
Throwing mail in the garbage
Using a computer without updated spyware protection
Paying cash for a movie ticket
6
Sarah will turn 18 next month and she plans to apply for a credit card which statement is true?
Sarah cannot obtain a credit card until she is 21
Sarah can have one if she has a cosigner or proof of income
Sarah has to use a special application since she is under 25
She can have one by filling out a application after her Bday
7
In which situation would liability insurance protect the policyholder
James backed into a car causing$3000 in damages to other car
An uninsured driver hit James causing damage to both cars
James hit a deer causing $2000 in damage to his car
James car was damaged by hail
8
Which is a general rule when dealing with credit reports to minimize identity theft ?
Keep credit reports in a easy accessible place
Wait 60 days before disputing wrong info on credit report
Report mistakes to only one credit reporting agency
Check credit report at least once a year
9
Paying the minimum payment on a credit card every month will:
Make the final amount paid higher than the initial amount.
Help create a plan for paying off a card in decent time.
Pay a large percentage of the total balance owed each month.
allow the cardholder to avoid paying any interest.
10
To decrease risk of fraudulent use of credit cards which strategy would be the MOST effective
carrying all cards in wallet so they don't get lost
use credit card for every purchase so she only has one bill
give account numbers over the internet rather than phone
Signing the back of card with "please see picture ID"
11
Which best describes the benefits of having insurance
Policyholder may become better off if accident occurs
insurance & emergency savings provide financial security
it is required by lay to have insurance so benefits dnt matt
12
What personal information is least likely to be used by scammers
Drivers license numbers
Bank account numbers
Credit card numbers
Phone numbers
13
Insurance can be purchased to protect one from which losses
Car maintenance
Maintaining the price of your home
Stock market losses
Health care expenses
14
Ashley plans to do some shopping online. what is a safety tip when shopping online?
Black out the account numbers on the bill before returning
use a credit card
Shred all sales receipts as soon as the item is received
use a debit card
15
Which is NOT something an identity thief might realistically do with your information
use your name during an arrest
make purchases with your credit card
Rent an apartment under your name
take a college admissions exam in your name

6.03-6.04 Flashcards | StudBud