8.1 Basics of Managing Credit

Which of the following situations is an example of responsibly taking on debt?

• Get a credit card but don't use it to avoid more debt

• Spend up to your credit limit each month

• Become an authorized user on an adult's card

• Make only the minimum payment each month

Your net worth...

• is what you owe minus what you own

• is your assets minus your liabilities

• is your liabilities minus your assets

• is what you own minus what you owe

Routinely paying my bills late could negatively affect my credit history.

• True
• False

Tags

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.11-12.1

CCSS.RL.8.1

CCSS.RL.9-10.1

What factors affect a credit score?

• Type of debt
• New debt
• Duration of debt
• All of the above

A detailed report of an individual’s credit history.

• budget
• annual percentage rate
• cash flow statement
• credit report

Tags

CCSS.RI.11-12.5

CCSS.RI.6.5

CCSS.RI.7.5

CCSS.RI.8.5

CCSS.RI.9-10.5