h&r block challenge test question with 100% correct answers

h&r block challenge test question with 100% correct answers interest rate Correct Answer-the amount you pay or earn for borrowing or loaning money compound interest Correct Answer-interest on interest, basically interest plus time equals interest on your interest which equals increasing amounts of money NSF fee Correct Answer-charged by the bank because you do not have enough money to cover the check/charge returned check fee Correct Answer-charged by the person/company you wrote the check/made the debit card charge because you did not have sufficient funds to cover the check/charge overdraft protection Correct Answer-feature you can get on a bank checking count that links your checking account to your credit card/savings account. if you have check/charge bounce, the bank will charge you a small fee and use your credit card/savings account to cover the check/charge credit utilization Correct Answer-the percentage of your credit you are using credit utilization percent Correct Answer-the total amount you owe divided by the total amount of your credit which two factors determine 70% of your credit rating? Correct Answer-credit card utilization % and your payment history what is a credit report? Correct Answer-how much you owe and how much credit you have. 7 year history of your payments and any loans you have as well as any unpaid taxes you have been sued for (tax lien) and now have your wages taken right out of your check which is bankruptcy who is responsible for checking the accuracy of your credit report? Correct Answer-you how long does negative information remain on your credit record? Correct Answer-7 years what sort of jobs will possibly not hire you if you have a poor credit rating? why? Correct Answer-financial industry because they fear you will steal or commit fraud. government and law enforcement because they fear you will sell secrets and take bribes how does your credit score affect your costs and interest rate for borrowing? Correct Answer-just like with scales, the higher your credit the lower your costs, the lower your credit, the higher your costs. they work together in tandem. what is the best way to build your credit? Correct Answer-get a credit card at 18, charge 19%-30% of your credit limit per month, pay it all off every month on time.