h&r block challenge test study guide
interest rate - Ans:-the amount you pay or earn for borrowing or loaning money
compound interest - Ans:-interest on interest, basically interest plus time equals interest on your
interest which equals increasing amounts of money
NSF fee - Ans:-charged by the...
what is a credit report? - Ans:✔✔-how much you owe and how much credit you have. 7 year history of
your payments and any loans you have as well as any unpaid taxes you have been sued for (tax lien) and
now have your wages taken right out of your check which is bankruptcy
who is responsible for checking the accuracy of your credit report? - Ans:✔✔-you
how long does negative information remain on your credit record? - Ans:✔✔-7 years
what sort of jobs will possibly not hire you if you have a poor credit rating? why? - Ans:✔✔-financial
industry because they fear you will steal or commit fraud. government and law enforcement because
they fear you will sell secrets and take bribes
how does your credit score affect your costs and interest rate for borrowing? - Ans:✔✔-just like with
scales, the higher your credit the lower your costs, the lower your credit, the higher your costs. they
work together in tandem.
what is the best way to build your credit? - Ans:✔✔-get a credit card at 18, charge 19%-30% of your
credit limit per month, pay it all off every month on time.
inflation - Ans:✔✔-an increase in the price of good or services. it is the tendency in a healthy economy
for good and services to gradually increase in price over time
mutal fund - Ans:✔✔-a portfolio (basket/group) of stocks managed (bought, sold and held) by a real live
person or a team of people. higher fees and expenses
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