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Financial Literacy Exam 2 questions & answers passed

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Financial Literacy Exam 2 questions & answers passed

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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

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