Personal Finance Ch.3 Debt

To build a good credit score, you need....

• To apply for multiple credit cards at once
• To max out all credit cards
• To make on-time payments and keep credit card balances low

One reason to avoid debt is because...

• it can lead to financial freedom and security
• it can result in more disposable income and savings
• it can lead to financial stress and burden

The difference between debit and credit cards is...

• Debit cards are linked to your bank account and use your own money, while credit cards allow you to borrow money up to a certain limit
• Debit cards have higher interest rates than credit cards
• Credit cards are linked to your bank account and use your own money

If you tell a lie loud enough, and often enough, the myth will become...

• a joke
• the truth
• the lie

Most Americans can't conceive of a car without payments.

• True

• False

When new monkeys would try to climb the pole for bananas, the other monkeys...

• help the new monkeys climb
• ignore the new monkeys
• pull the new monkeys down

When someone borrows from another person, we understand they have...

• taken something temporarily with the intention of returning it
• asked for permission to take something permanently
• stolen something with no intention of returning it

The first credit cards were established by...

• a group of restaurants in the United States

• a consortium of fishermen in Africa
• a group of farmers in Europe

Sears brand of of credit cards would become known as...

• American Express

• Visa

• Discover Card

The number of credit cards in America is as high as...

• 2.5 billion
• 750 million
• 1.06 billion