EVERFI MODULE 5 CREDIT AND DEBT FULL COVERED EXAM UPDATE 2023 ACTUAL SOLUTION

EVERFI MODULE 5 CREDIT AND DEBT FULL COVERED EXAM UPDATE 2023 ACTUAL SOLUTION using a loan could help with the purchase of which of the following? a) a new telivision b) a dream wedding c) a house d) airline tickets to your dream vacation When are loans a good option to use? a) To pay for airline tickets to your dream vacation b) When paying for higher education c) To buy that new television d) For a dream wedding What should you NOT use a loan to purchase? a) A house b) Tuition for higher education c) Airline tickets to your dream vacation d) A car Which item is important to consider when selecting a credit card? a) Annual Percentage Rate (APR) b) Fees c) The look of the credit card d) Both APR and fees Which of these items is NOT important to consider when selecting a credit card? a) Annual Percentage Rate (APR) b) The look of the credit card c) Credit limit d) Penalties and Fees Annual Percentage Rate (APR), credit limit, and penalties and fees are important to consider when _____. a) Choosing a financial advisor b) Choosing a credit card c) Looking at your credit score d) Selecting a financial institution What is NOT a benefit of having a good credit score? a) When you need a loan, you'll have more loan offers to pick from. b) You'll get better interest rates on your loans. c) It will be easier to get an apartment. d) You'll get accepted to better education institutions. What is a benefit of having a good credit score? a) Loan sharks will be less likely to bother you. b) You'll get accepted to better education institutions. c) You'll get more job offers. d) When you need a loan, you'll have more loan offers to pick from. Having a great credit score will make it easier for you to get into a better educational institution. a) TRUE b) FALSE Secured loans are less costly than unsecured loans because _________. a) They usually have a lower interest rate. b) They require collateral. c) They are less risky for the financial institution. d) All of these are true. The cost of a secured loan is typically lower than the cost of an unsecured loan because _______. a) it requires collateral. b) the loan takes longer to get. c) it has high interest rates. d) your parents will make sure you pay it back. Which of the following is NOT a feature that makes a secured loan less costly than an unsecured loan? a) A high interest rate b) Collateral c) Less risk for the financial institution d) All of these are correct To maintain a good credit score you must ______. a) manage your debt wisely. b) check your credit score every week. c) have credit monitoring. d) have many open credit cards.