Exam (elaborations)
H&R block budget quiz 3 Questions with Correct Answers
H&R block budget quiz 3
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H&R block budget quiz 3How does credit utilization affect your credit score? - answer Keeping credit utilization
below 30% increases your score.
Which would not be identifying information included in a credit report? - answer Marital
status
What would be the most likely difference between loans offered to someone with a good
credit score versus a loan offered to someone with an excellent score? - answer The
person with good credit will pay a higher interest rate than the person with excellent
credit.
Which best describes the main role of the three major credit reporting agencies? -
answer Compile consumer credit and loan information and provide it to lenders and
businesses
Which is the best way for a college student to start building their credit score? - answer
Apply for a credit card, use it to make small purchases and pay the full balance each
month.
Which of the following does not use consumer credit scores in the course of business? -
answerGraduate schools for admissions purposes
Which is the best definition of credit? - answerAn agreement to receive goods or
services with a commitment to pay later.
Which reports on-time payments as positive transactions for a credit report? -
answerCar loan payment
Which is an example of an open-ended revolving loan? - answerCredit card
Which is not a benefit of using a credit card when traveling? - answerIt can be used as a
legal form of identification in most states.
In what way can using a credit card be like getting an interest free loan? - answerPay
the balance in full at the end of the month and no interest is charged.
Which is a drawback of using credit cards? - answerMany consumers find they spend
more money if using a credit card.
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