Log inSign up for FREE
Library

Unit 8 Exam

Last updated over 2 years ago
28 questions
Untitled Section
2

All of these are true about late credit card payments, EXCEPT…

2

Meghan asks 4 friends for advice on how to raise her credit score, which is currently at 650. Which is the strongest piece of advice?

2

Which of the following actions would be included in your credit report?

2

Struggling to pay off excess debt can lead to all of these consequences, EXCEPT…

2

Which student is most likely to have the highest credit score?

2

All of the following statements about predatory lending are TRUE EXCEPT…

2

Why is it important to check your credit report regularly?

2

How is a secured credit card different from the far more typical unsecured credit card?

2

Theo reviews his credit report and decides to put a “red flag” on it. What does that mean?

2

What is the highest FICO credit score you can obtain?

2

What is the purpose of a credit report?

2

A person has a credit utilization ratio of 25% and they open a new credit card without changing their spending. Which statement correctly describes what will happen to their utilization ratio?

2

If a potential lender checks your credit score and finds out it is above 750, which is the most likely outcome?

2

Which of the following statements about wages and household American debt is true?

2

Which of these parties is least interested in checking your credit score?

Use the box plot about average new car payments to answer questions 16 to 18
2

What is the range for this data set?
  1. $257
  2. $301
  3. $592
  4. $872

2

If 44 people were surveyed about their monthly car payment, how many pay between $141 and $756?
  1. 11
  2. 22
  3. 33
  4. 44

2

All of the following statements are true, EXCEPT…
  1. The median is $592
  2. The interquartile range is $301
  3. 50% of respondents pay between $756 and $1013
  4. 75% of respondents pay less than $756

2

A data set with low standard deviation has…
  1. Data points clustered close to the mean
  2. Data points spread out far away from the mean
  3. A skewed distribution
  4. A large interquartile range

2

The histogram below shows data on rent prices for a representative sample of 500 US renters, based on the 2020 Census. All of the following statements are true, EXCEPT…

Part 2: Math Skills Open Response
Consider the following data about credit scores:

430, 619, 645, 650, 690, 700, 704, 725, 730, 760, 800, 850, 852, 853
10
Complete the 5-number summary.
Minimum: _______
First Quartile:_______
Median:_______
Third Quartile:_______
Maximum: _______
4
What is the Range _______ and Interquartile range_______ of the data?
10

  1. A 2021 study by Debthammer examined payday lending across American cities. The histogram below shows data from a sample of 30 cities on the average effective APR of payday lenders.
The histogram is only partially completed; use the data set below to complete it.

8

Students were asked about their current student loan debt at two nearby universities. For each statement, circle the correct group.

Group 1
Group 2
Has the larger interquartile range:
Has the larger median:
Shows that 75% of respondents had more than $19,000 in debt:
Has a smaller range:
The following histogram shows data on the credit card balances of 25 people surveyed.  Use it to answer questions 24 and 25.

4

True or False: The median credit card balance is greater than the mean credit card balance.

10

Explain your reasoning (for question 25)

4

True or False: The distribution of credit card balances has high standard deviation.

10

Explain your reasoning (to question 27).

Untitled Section