EVERFI Module 5 Managing Credit and Debt
(2024/25); Questions with Complete Solutions
Using a loan could help with the purchase of which of the following?
A house
When are loans a good option to use? When paying for higher education
What should you NOT use a loan to purchase? Airline tickets to your
dream vacation
Which item is important to consider when selecting a credit card? Both
APR and fees
Which of these items is NOT important to consider when selecting a credit
card? The look of the credit card
Annual Percentage Rate (APR), credit limit, and penalties and fees are
important to consider when _. Choosing a credit card
What is NOT a benefit of having a good credit score? You’ll
get accepted to better education institutions.
What is a benefit of having a good credit score? When you need a loan,
, EVERFI Module 5 Managing Credit and Debt
(2024/25); Questions with Complete Solutions
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. FALSE
Secured loans are less costly than unsecured loans because _. All of
these are true.
The cost of a secured loan is typically lower than the cost of an unsecured
loan because _. it requires collateral.
Which of the following is NOT a feature that makes a secured loan less
costly than an unsecured loan? A high interest rate
To maintain a good credit score you must __. manage your debt
wisely.
What will happen to your credit score if you do not manage your debt
wisely? Your credit score will go down
Not managing your debt wisely can result in __. A decrease in your
(2024/25); Questions with Complete Solutions
Using a loan could help with the purchase of which of the following?
A house
When are loans a good option to use? When paying for higher education
What should you NOT use a loan to purchase? Airline tickets to your
dream vacation
Which item is important to consider when selecting a credit card? Both
APR and fees
Which of these items is NOT important to consider when selecting a credit
card? The look of the credit card
Annual Percentage Rate (APR), credit limit, and penalties and fees are
important to consider when _. Choosing a credit card
What is NOT a benefit of having a good credit score? You’ll
get accepted to better education institutions.
What is a benefit of having a good credit score? When you need a loan,
, EVERFI Module 5 Managing Credit and Debt
(2024/25); Questions with Complete Solutions
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. FALSE
Secured loans are less costly than unsecured loans because _. All of
these are true.
The cost of a secured loan is typically lower than the cost of an unsecured
loan because _. it requires collateral.
Which of the following is NOT a feature that makes a secured loan less
costly than an unsecured loan? A high interest rate
To maintain a good credit score you must __. manage your debt
wisely.
What will happen to your credit score if you do not manage your debt
wisely? Your credit score will go down
Not managing your debt wisely can result in __. A decrease in your
