13. What are the two most important factors in calculating your credit score?

Payment history and amounts owed

Payment history and types of accounts

Amounts owed and length of credit history

Length of credit history and new credit inquiries

14. Which of the following statements about credit scores does this bar graph support?

It is more difficult for young people to borrow (i.e., get a loan) because they have less payment history for a lender to rely upon

Credit scores tend to drop as you grow older because you are more likely to miss a payment at some point

When young people borrow, they are likely to have lower interest rates because their credit scores are lower

It is easier for young people to get loans at lower interest rates because they are likely to have never been late with a payment

17. Melvin is 19 years old and wants to begin establishing a credit history. Which action should he take to meet that goal?

Ask his parents to cosign a credit card or add him as an authorized user on their credit card

Always say "credit" when asked "credit or debit?" at a store

Any time he borrows money from a friend or family member, be sure to pay it back promptly

Take out some private student loans, even though he doesn't need them because he has grants and scholarships

18. Which of the following individuals or groups would be the LEAST likely to look at your credit score?

A bank representative who is helping you open a savings account

19. You have a credit card and want to know the best way to use it to boost your credit score. Which step will have the GREATEST impact?

Using less than 30% of the credit limit on your card and paying it off in full every month by the due date

Always carry a balance from month to month

Make the minimum payment required on your credit card every month by the due date

Put the credit card in a drawer and don't ever use it

20. I forgot to pay my credit card bill one month. For how long will that payment information show up on my credit report?

Once I make the payment, it will disappear

22. Which of the following is an advantage to using cash?

may have protection when stolen

25. The main difference between a secured and an unsecured loan is that the secured loan _____.

includes a pledge of collateral

offers protection against identity theft

Resource Management Final Spring 2023 Quiz

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

1. A savings account that pays interest every three months is said to have a _____ interest period.

quarterly

monthly

semiannual

daily

2.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

2. A savings account that pays interest every month is said to have a _____ interest period.

quarterly

monthly

semiannual

daily

3.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

3. Catherine is buying a new TV and is looking for the best loan to pay for her purchase. What loan should she choose?

Loan with the lowest APR

Loan with the highest APY

Loan with the highest APR

Loan with the lowest APY

4.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

4. ABC Bank is getting ready to offer special interest rates for its student savings accounts. How should the bank advertise its rates in order to encourage people to save money with ABC Bank?

Account with the lowest APR

Account with the highest APY

Account with the highest APR

Account with the lowest APY

5.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

5. Cassidy is buying a house and is looking for the best home loan to pay for her purchase. What loan should she choose?

Loan with the lowest APR

Loan with the highest APY

Loan with the highest APR

Loan with the lowest APY

6.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

6. Which of these options for saving money typically offers the most liquidity?

Certificate of deposit

Money market account

Basic savings account

Savings bond

7.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

7.. Which of these options for saving money typically offers the least liquidity?

Certificate of deposit

Money market account

Basic savings account

Savings bond

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Resource Management Final Spring 2023

1. A savings account that pays interest every three months is said to have a _____ interest period.

2. A savings account that pays interest every month is said to have a _____ interest period.

3. Catherine is buying a new TV and is looking for the best loan to pay for her purchase. What loan should she choose?

4. ABC Bank is getting ready to offer special interest rates for its student savings accounts. How should the bank advertise its rates in order to encourage people to save money with ABC Bank?

5. Cassidy is buying a house and is looking for the best home loan to pay for her purchase. What loan should she choose?

6. Which of these options for saving money typically offers the most liquidity?

7.. Which of these options for saving money typically offers the least liquidity?

8. Which of these options for saving money offers the most liquidity?

9. Which of the following will typically offer the lowest interest rate?

10. The value of a bond that is paid back at maturity is known as _____.

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