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3 C's of credit

What is a fixed expense, give an example

Financial Literacy

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Questions 11

Answers

1
What is a fixed expense, give an example
Expense that does not change, car payment
Expense that does not change, gas
Expense that changes, gas
Expense that does not change, utilities
2
3 C's of credit
Character, Credit, Capacity
Credit, Character, Capital
Capitol, Character, Capacity
Capital, Character, Capacity
3
This helps cover your expenses if something happens to your belongings
Loans
Savings
Salary
Renters insurance
4
What is a variable expense and give an example
Expenses that change, gas
Expenses that change, mortgage
Expenses that change, car payment
Expenses that do not change, gas
5
You often pay bills late and you don't know how much you owe
warning signs of being in financial trouble
You need to see a financial consultant
You need a new job
You need to take out a loan
6
What is the main reason cosumers go into debt?
Medical emergencies
Spend too much
They do not save
Loss of income
7
Describe the 20-10 Rule
Borrow more than 20% of your yearly income but less than 10 of monthly
Borrow less than 20% of your yearly income more than 10 of monthly
Borrow no more than 20% of your yearly income and less than 10 of monthly
Borrow more than 10% of your yearly income but less than 20 of monthly
8
What are 3 moving costs?
Gas, 1st month rent, hiring movers
telephone deposit, cleaning deposit, 1st month rent
Gas, last month rent, 1st month rent
telphone deposit, gas, 1st month rent
9
Net Pay
Savings
Expenses
Take home pay
Pay before taxes
10
Pay before taxes
Gross Pay
Less mone
Net Pay
Taxes
11
How much of your income should you spend on your rent or income
Less than 30%
No more than 45%
No more than 40%
25%