Answers To Self Tests

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Self Test #1

1. Credit is free money for your use. False.
2. ATM/Debit card use helps establish credit. False.
3. You do not have to pay interest on a secured credit card. False.
4. You should not apply for more than one credit card at a time. True.

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Self Test #2

1. A saving and spending plan is called a budget.
2. Avoid charging more than you can repay each month.
3. Use credit for items that appreciate in value or provide income.
4. It is best to pay credit card bills on time and in full.

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Self Test #3

1. My credit reputation can affect my ability to find employment. True.
2. I am entitled to one free credit report each year. True.
3. My credit is partially based on how much I owe. True.
4. It is not important to check my credit report. False.

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