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Fool Proof Module 2 (High School) Questions and Answers Fully Solved
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Fool Proof Module 2 (High School) Questions and Answers Fully Solved Which two statements give good definitions of financial credit? 1 Financial credit is an arrangement for you to pay at a later date. Loans and credit cards are forms of credit. 2 Financial credit is the list of the cast and...

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  • September 11, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • fool proof module 2 high school questions and an
  • which two statements give good definitions of fina
  • what is the best way to improve your credit a hi
  • good credit helps bring independence which statem

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Fool Proof Module 2 (High School)
Questions and Answers Fully Solved

Which two statements give good definitions of financial credit?

1 Financial credit is an arrangement for you to pay at a later date. Loans and credit
cards are forms of credit.

2 Financial credit is the list of the cast and production crew that runs at the end of a
movie.

3 Financial credit is recognition by the school that you have fulfilled one of the study or
course obligations toward graduation.

4 Financial credit (for instance, your credit rating) is one way that lenders, businesses,
and employers may judge an individual's trustworthiness.

A 2 and 3.
B 1 and 3.
C 3 and 4.
D 1 and 4. - answerD 1 and 4.

What is the best way to improve your credit?

A Hire a credit counseling agency.
B Consult your parents on good borrowing practices.
C Make all your payments on time, every time.
D Make all your payments early except your credit cards. It is OK to pay them late. -
answerC Make all your payments on time, every time.

Good credit equals power. Which statement best illustrates that power?

A Having good credit makes you more dependent on others.
B Having good credit impacts what job you get and what you pay for products and
services.
C Having good credit makes you less independent.
D Having good credit gives you less buying power. - answerB Having good credit
impacts what job you get and what you pay for products and services.

Good credit helps bring independence. Which statement best illustrates the fact that
good credit helps bring independence?

, A Good credit can help you build a savings account. Because you pay less in interest
when you have good credit, you are able to save more. Money in your pocket (or your
savings account) always gives you more options than not having money in your pocket.

B Good credit means you can be entirely independent and don't have to pay your bills
on time.

C Good credit means you have to live at home with your parents after college because
you cannot get an apartment.

D Good credit means you always have to pay more for risk based items like car
insurance. - answerA Good credit can help you build a savings account. Because you
pay less in interest when you have good credit, you are able to save more. Money in
your pocket (or your savings account) always gives you more options than not having
money in your pocket.

Good credit gives you options. Bad credit takes away your options. Choose the one
correct answer.

A You have good credit. You can choose the credit card with the lowest interest rate.

B You have bad credit. You are forced to take the credit card which charges rip-off
rates.

C You have bad credit. You can easily get a store charge card.

D Both A and B. - answerD Both A and B.

Credit is an arrangement for you to pay at a later date. It is one way to determine
trustworthiness.

True
False - answerTrue

Which of the following people has "paid on time," an important requirement in credit
agreements?

A Suzan borrowed $400 from her grandmother to buy an iPad and promised to pay $10
a week for 40 weeks until the loan was paid back. Suzan missed about 8 weekly
payments but managed to pay her grandmother the whole amount by the end of the 40
weeks.

B Carlos moved into his own apartment about a year ago. The gas and electric bills are
usually due on the 25th of the month. Carlos faithfully pays those bills on the 2nd of the
next month when he gets paid.

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