Week 2 Quiz Nov Essay examples

803 WordsNov 25, 20144 Pages
Week 2 Quiz Instructions: Select the correct answer for each question. You may use this worksheet to highlight the correct answer using the highlight function or simply create a Word Document, number from 1-15 and provide the correct letter for each corresponding question. Each question is worth .2 points. 1) What is a credit utilization rate? a. How many open credit accounts you have b. The percentage of all your reported credit accounts that are open accounts c. Your total outstanding balance as a percentage of total credit limit d. How often you use credit to make purchases 2) Students should aim to keep their total student loan debt to a. less than the salary they are likely to make their first year out of school b. less than…show more content…
A line of credit with a high monthly limit 8) What is the difference between a subsidized and an unsubsidized Stafford loan? a. A subsidized loan is interest-free for the first 36 months after graduation; an unsubsidized loan is interest-free for only 6 months after graduation. b. A subsidized loan does not have to be paid back on the death of a student, but an unsubsidized loan has to be. c. A subsidized loan is based on student need, whereas an unsubsidized loan is available to any student, regardless of financial need. d. A subsidized loan is only available to foreign students. 9) What are two ways you can delay student loan payments? a. Deferment or payment desist b. Deferment or exoneration c. Deferment or subsidization d. Deferment or forbearance 10) Which site provides a free credit report from each of the three national credit reporting agencies? a. www.freecreditreport.com b. www.annualcreditreport.com c. www.creditreports.com d. www.freecreditscore.com 11) Credit scores can be used for to determine how much you pay to receive which of the following services? a. Health insurance b. Auto insurance c. Life insurance d. Disability insurance 12) Which is the best way to pay off credit-card debt? a. Dip into your emergency savings. b. Pay the largest portion you can afford from your salary every month. c. Take out a loan from your 401k at a lower interest rate than the credit card. d. Use a HELOC (Home Equity Line of Credit) to pay off

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