Management of Energy Money & Tasks 3

3. Which of the following is a true statement regarding closed-ended credit? A. It states exactly what the loan is to be used for B. It is also known as revolving credit C. It allows for funds paid off to be re-borrowed D. It allows the borrower to choose payment amounts

A. It states exactly what the loan is to be used for

5. Credit scores are NOT influenced by which of the following? A. Payment history B. Income security C. Types of credit D. Amount of debt

B. Income security

4. Which of the following describes the rule of thumb as stated in the segment? A. Minimum payment + interest charged = monthly payment B. Minimum payment x 2 = monthly payment C. Minimum payment + interest changed + 2 percent of balance = monthly payment D. (Minimum payment + interest charged) x 2 = monthly payment

C. Minimum payment + interest changed + 2 percent of balance = monthly payment

2. How many steps are in the process of bank statement reconciliation as stated in the segment? A. Four B. Five C. Six D. Seven

C. Six

1. Which of the following is an example of a variable expense? A. Mortgage B. Insurance C. Cable D. Groceries

D. Groceries