Credit and Loans: Assignment Questions

Topics: Credit card, Credit history, Fair Credit Reporting Act Pages: 2 (656 words) Published: May 22, 2013

Save the file in your course folder, and name it with Assignment, the section number, and your first initial and last name. For example, Jessie Robinson's assignment 1R for Section 1 would be named Assignment1JRobinson.

Type the answers to the assignment's questions. Use complete sentences unless the question says otherwise. You will have more than one day to complete an assignment. At the end of each day, be sure to save your progress.

Review Lesson 4 of the Course Overview for instructions about turning in your assignments.

Assignment 5: Credit and Loans
(11.0 points)

Describe a real or made up but realistic situation in which you would want to use installment credit. (Lesson 1, p.17--1.0 point) When you want to purchase new furniture and you make payments over time rather than paying the full price at once.

Describe a real or made up but realistic situation in which you would want to use noninstallment credit. (L1, p. 18--1.0 point), ???

Describe a real or made up but realistic situation in which you would want to use revolving credit. (L1, p. 19--1.0 point) Business trip. Charge all expenses on credit card. Submit expense voucher to employer for reimbursement. Use reimbursment to pay off card. Didn't tie up cash waiting for reimbursement. Plus, I get cash rewards for using the card.

If you had no credit history yet but wanted to establish one, describe what you could do in order to establish a credit history. (Lesson 2, p. 3--2.0 points) Get a major credit card: Visa, Master Card, & Discover. Also, you can take a credit card out for your favorite retail store. Just make sure you never get to close to the credit limit and always make you payments on time.

Describe two things you can do to make sure you use credit responsibly. Explain why these things are important. (Lesson 2, p. 5-- 2.0 points) The most important thing to remember when using credit is to distinguish between things...
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