Everfi 2nd Half Assessment

Which of these items is NOT important to consider when selecting a credit card?

• Annual Percentage Rate (APR)

• Credit limit

• The look of the credit card

• Penalties and Fees

The cost of a secured loan is typically lower than the cost of an unsecured loan because _______.

• it requires collateral

• it has high interest rates.

• the loan takes longer to get.

• your parents will make sure you pay it back.

To maintain a good credit score you must ______.

• manage your debt wisely.

• hire credit monitoring companies

• check your credit score every week.

• have many open credit cards.

Paying only the minimum balance on your credit card can lead to...

• an increase in your credit score

• late fees

• paying more interest

• All of the above

When looking for pre-approval on a car loan you should...

• get a loan from the car dealer directly to keep things simple.

• select the loan that has the longest repayment period.

• Pick a loan with the highest interest rate.

• compare pre-approval offers and select the one that is best for you.

What could be a good option available to you if you are behind on loan payments?

• A financial institution may offer for you to pay a little now and pay the rest after your next pay day.

• You can take out a payday loan.

• You can ignore your payments until the financial institution asks about them.

• Ask your financial institution to get out of the loan contract.

Credit cards can help _____________ when paid off on time regularly.

• build credit history

• lower your debt

• act as a form of identification

• balance your checking account

Dimitri’s counselor told him that post secondary education can be expensive but can pay off in the long run, what does that mean?

• The salary you will earn with a degree will pay back the cost of college over your career.

• There are less expensive options for obtaining a post secondary education.

• You can get grants and scholarships to pay for post secondary education while you are there.

• All of the above

What are the benefits of attending a local community college?

• It is cheaper to earn an Associate’s degree at a community college and then transfer to a four-year

  college to finish.

• Choosing a local community college within closer driving range saves on transportation costs.

• You can live at home and save dorm fees while earning an Associate’s degree.

• All of the above.

Textbooks, transportation and room and board are all...

• included in the price of attending a college or university.

• included in a school's tuition.

• additional costs for attending a college or university.

• usually offered to students who stay on campus.