Section 5 Study Questions (9.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) 1. What is credit? (0.5 points) Credit is borrowed money that you can use to purchase things you need when you need them and then repay the funds back at an agreed on time 2.
Section 2 Study Questions (9.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) 1. What is renting? (0.5 points) An agreement where a payment is made for the temporary use of a good, service or property owned by another individual or company.
Section 1 Study Questions (9.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) 1. Name at least two things financial planning could help you do. (0.5 points) Prepare for my future & help me become more respinsible with money.
Section 4 Study Questions (12.0 points) Answer each question fully. Complete sentences are not necessary. Lesson 1 (3.0 points) What is a money market account? (0.5 points) A money market is a common type of account offered by banks that is used just as a savings account it. In a money market account you invest your money in low risk investments with predictable interest rates.
Borrower who has failed to make a payment of principal or interest rate when due is determined to be in delinquency. 4. Prestige cards offer exclusive benefits and generally have a high criteria for acceptance. 5. Affinity cards are branded credit cards that carry both the logo of the banking institution as well as the logo of the sponsored organization.
A.cash B.unsecured loans C.time deposits D.U.S. government securities Question 12 of 20 5.0 Points Identify and describe the factors, in addition to supply and demand, that determine interest rates. Question 13 of 20 5.0 Points You need $8,000 four years from now for a down payment on your future house. How much money must you deposit today if your credit union pays 5% interest compounded annually? Pick the closest answer.
The An Edvisors Company (2011) website shows the exact breakdown of the FICO score. FICO credit score consists of five components, which are your payment history, how much you owe, the length of your credit history, new credit and other factors. According to Fair Isaac Corporation (2001-2011), about 35% of your credit score is your payment history. Payment history shows if you paid your credit accounts on time, if you had any late payments, any bankruptcies, and other negative scores, which can have negative effects on your credit score. How much you owe is 30% of your FICO score.