Financial Literacy Exam 2 questions &
answers passed
Paying your rent on time will most likely not help your credit - ANS ✔✔true
Payment history contributes the most to your credit score - ANS ✔✔true
Fantastic credit guarantees you will get the loan you apply for - ANS ✔✔false
What is an example discussed in class of a "hard pull" of your credit? - ANS ✔✔a financial
institution pulls your credit bc you applied for a loa
What does APR stand for? - ANS ✔✔annual percentage rate
It can be good to get a credit card to build credit but then store it away and never use it - ANS
✔✔false, you risk identity theft
When should you carry a balance from month to month on your credit card? - ANS ✔✔never or
almost never
When does interest start accruing on cash advances on a credit card? - ANS ✔✔immediately
How long is the grace period for credit cards? - ANS ✔✔about 25-30 days
Which type of student loan does not accrue interest while the student is in school? - ANS
✔✔subsidized student loans
answers passed
Paying your rent on time will most likely not help your credit - ANS ✔✔true
Payment history contributes the most to your credit score - ANS ✔✔true
Fantastic credit guarantees you will get the loan you apply for - ANS ✔✔false
What is an example discussed in class of a "hard pull" of your credit? - ANS ✔✔a financial
institution pulls your credit bc you applied for a loa
What does APR stand for? - ANS ✔✔annual percentage rate
It can be good to get a credit card to build credit but then store it away and never use it - ANS
✔✔false, you risk identity theft
When should you carry a balance from month to month on your credit card? - ANS ✔✔never or
almost never
When does interest start accruing on cash advances on a credit card? - ANS ✔✔immediately
How long is the grace period for credit cards? - ANS ✔✔about 25-30 days
Which type of student loan does not accrue interest while the student is in school? - ANS
✔✔subsidized student loans