Everfi Quiz #4 maybe? for 3/2/23

Question 1

Credit Cards

Answer 1

-annual percentage rate (APR)
- credit limit
-penalties/fees

Question 2

How to Avoid Fraud/ID Theft

Answer 2

-Monitor credit car reports
-freeze your credit
-contact lenders/credit bureaus to address incorrect info

Question 3

To maintain a good credit score

Answer 3

-manage debt wisely
(don’t have too many credit cards)

Question 4

Benefits of Paying Full balance on Credit Card Bill

Answer 4

-no interest
-build up credit score
-no late fees

Question 5

Using a loan wisely

Answer 5

-car
-house
-student loans
-starting a company

Question 6

collateral

Answer 6

an asset (must be owned) that a lender accepts as security for a loan

Question 7

Will having a better credit score get you into a better school

Answer 7

no

Question 8

car loan

Answer 8

-compare pre-approved offers
-go for lowest interest rate
-select right repayment method for you

Question 9

secured loan

Answer 9

-lower payment/ interest
-requires collateral

Question 10

unsecured loan

Answer 10

-no collateral/assets required
-high payment/interest
-riskier for banks

Question 11

Paying credit card on time builds what

Answer 11

credit history and score