Directions: Write the letter “T" for a true statement or “F” for a false statement. 24. Being financially responsible means you are able to make payments as agreed and
honor your financial commitments.
25. Financial irresponsibility typically leads to bankruptcy.
27. When creating a buying plan, you should set a spending limit before choosing the item
26. When defining your spending goal, you should recognize your opportunity cost.
to buy
28. Each purchase you make involves two choices--what to buy and when to buy it.
29. The person who borrows money is called a debtor.
30. Bank and store credit cards are a type of revolving credit.
31. Visa and MasterCard are examples of charge cards.
32. No interest is charged on the unused portion of a line of credit.
33. With a rewards program, you can get money back for using your credit card,
34. The minimum payment due and the payment due date must be disclosed on your
monthly credit card statement.
35. Creditors can never raise the interest rate on a credit card account with a fixed rate.
36. Penalty fees are not permitted to be higher than the minimum payment due.
37. Most creditors use the adjusted balance method for computing interest.