Your Finances Quarterly Review

Becky no longer wants to use her Amazon credit card. What is the best thing she could do with the credit card?

• File the credit card away for use at a later time.

• Let a family member take over the credit account so her credit score will not be affected.

• Keep the credit card in her wallet in case she needs proof of identification.

• Close the account by phone and in writing, then destroy the card.

When Bryce attempted to borrow money at the bank, he learned that his credit score is low. Which statement best describes what this is likely to mean for Bryce?

• The interest rates on his loan will be lower, since his credit score is low

• The purchase price of the item he needs the loan for will be higher due to his low credit score.

• The monthly loan payments will be lower due to his lower credit score.

• The interest rates on his loan will be higher, since his credit score is low.

Jake’s credit application has been declined because of his negative credit history. Which statement is most likely to be true?

• Jake pays his bills consistently and on time.

• Jake has applied for 4 credit cards and a car loan in the past 6‐weeks.

• Jake has received 3 traffic tickets in the past 2 months.

• Jake holds 2 store credit cards, a bank credit card, a car loan, and a mortgage

Which of the following is NOT included in an individual’s credit report?

• Current and past addresses

• Account balances

• Bankruptcies and foreclosures

• . Medical information

David earns $5000 per month at his accounting job. He has a student loan payment of $120, a car loan of $300. Which statement is true?

• David’s total credit payments are higher than the recommended amount for someone earning his income

• David’s student loan payment must be subtracted from his car loan payment to determine whether his overall credit payments are within the safe range.

• David’s student loan payment is within the safe range but his car loan is not

• David’s credit payments are within the safe range for someone with his income.

Paying the minimum payment on a credit card every month will:

• pay a large percentage of the total balance owed every month

• make the final amount paid substantially higher than the amount initially charged to the card

• help the cardholder create a plan for paying off a credit card in a decent amount of time

• allow the cardholder to avoid paying any interest charges

Which of the following is an act of identity theft?

• Receiving permission to use a parent’s credit card for school clothes

• Wrongfully acquiring and using someone’s personal identification

• Taking the identity of another individual as inspiration for a costume

• Having the same name as another person

Explain each part of a SMART goal by writing the word that starts each letter.

S=

M=

A=

R=

T=

Write a SMART education goal you would like to achieve before graduating

Define short-term goal