Everfi Credit and Debt Answers – Consumer Skills Everfi Answers

When discussing “Everfi Credit and Debt Answers – Consumer Skills Everfi Answers,” it’s important to focus on the educational aspect of the Everfi platform, which aims to enhance consumer skills, particularly in the areas of credit and debt management. This module in Everfi’s curriculum is designed to equip learners with crucial financial literacy skills, emphasizing the responsible use of credit, understanding different types of debt, and strategies to manage it effectively.

For more Details You may also visit EverFi Module 4 Answers

Everfi Credit and Debt Answers

Question:  Which of the following is NOT be a warning sign of a scam when purchasing a car or making another large investment?

Answer: A price that comfortably fits within your budget

Question: A pack of 24 pencils is more expensive than 12 pencils, but why might purchasing the 24 pack be a better deal?

Answer: The cost per pencil, or the unit price, is in fact lower in the 24 pack

Question: What is the best reason for someone might prefer leasing a house over buying one?

Answer: They intend to reside there for only a brief duration

Question: How does a consumer know whether a purchase may be a good deal?

Answer: A & B

Question: Which housing option gives you more freedom and more responsibility?

Answer: Buying a house

Question: How is an advertisement different from a comment from a regular consumer?

Answer: The advertisement probably presents a biased perspective.

Question: Making a good purchasing decisions requires _______

Answer: All of the above

Question: Which payment option could have interest charged to you?

Answer: Credit card

Question: Which payment option can offer additional security like fraud protection?

Answer: Credit card

Question: What is one of the best ways to get reliable information about a product?

Answer: Look up reviews on the internet.

Question: Which example shows an advantages of owning a car over leasing one?

Answer: Unlimited mileage and the freedom to modify or alter the car.

Question: What are possible red flags or signs of a scam when buying a car?

Answer: A & C

Question: Which payment option is not accepted online?

Answer: Cash

Question: When you are deciding what to buy, you should not

Answer: Presume that purchasing the least expensive product is the wisest decision.

Question: Which forms of payment is linked to a bank account which limits the amount of money you can spend to balance in your account?

Answer: Debit cards and checks

Question: The price of a single item within a group of items is known as the _______ of the item

Answer: Unit price

Question: Leasing a car may be a better option than buying a car if…

Answer: You intend to keep it for only a short period and prefer not to concern yourself with ongoing upkeep.

Question: Which payment option takes money out of your bank immediately?

Answer: Debit card

Question: Might encompass fees for real estate agents, expenses for property valuation, charges related to transferring ownership, and various other expenditures.

Answer: Closing Costs

Question: What are the upcoming costs you might encounter during the home purchasing process?

Down Payment

Closing Costs

Inspections

Question: What are 3 downsides to buying a home?

Marketing a property can be a lengthy process.

Accountable for all upkeep and repairs.

Risk of financial loss upon selling the property.

Question: How do you find out the unit price of an item?

 Answer: Calculate the cost per item by dividing the total price by the quantity in the pack.

Question: Why can advertisements not be reliable?

Answer: Advertisements can introduce you to products you might not discover on your own, yet it’s important to remember that these ads are crafted by the sellers to highlight their goods, often presenting a biased view.

Question: Why do most social media influencers advertise using certain products?

Answer: Influencers receive compensation for featuring promoted products in their posts.

Question: What is the best reliable way to get information about products?

Answer: Searching Online Reviews

Question: What are 5 different payment methods?

Debit Card

Credit Card

Electronic Payment

Cash

eCheck

Question: Which payment is not accepted online?

Answer: Cash

Question: What are the different types of transportation?

Car

Carpooling

Walk

Public Transportation

Bike/Scooter

Ridesharing

Question: What are 3 pros to leasing a vehicle

Reduced payments monthly and upfront.

Decreased maintenance expenses because of the manufacturer’s warranty.

A superior vehicle at a more affordable price.

Question: What are 3 cons of leasing a car

Lack of ownership rights after the lease expires.

Restricted mileage allowance.

Potential exclusion of coverage for accidental damage.

Question: What are 3 benefits to buying a car?

Full ownership.

Unrestricted driving mileage.

Available customization features.

Question: What are 3 disadvantages of buying a car

Initial payment or recurring payments.

Out-of-warranty repairs will incur expenses.

Car’s value depreciates with time.

Question: What are 3 trusted sources you can use to help you buying a car?

1. Other Costs

2. Pre-financing

3. Negotiation

4. Add-Ons

5. Red Flags

Question: What are 4 benefits to leasing a home

Offers flexibility and simplifies changing residences.

Lease agreements with shorter durations, like monthly or annual.

Minimal maintenance obligations.

No concern over the depreciation of property value.

Question: What are 4 downsides to leasing a home?

The landlord has the right to end the agreement.

Rental fees are subject to intermittent increases.

Costs for any damages will be deducted from your security deposit.

Lack of ownership rights means you cannot sell the property.

Question: What are 4 benefits to buying a home?

The decision to move or sell rests primarily with you.

You have the option to personalize the home as you wish.

Leasing out your property could provide you with additional earnings.

There’s a possibility of gaining profit from the sale of your home.

Question: What are sources you can use when deciding on a purchase?

Answer: social media, advertisements, review

Question: What is a down payment?

Answer: A down payment is an initial, upfront portion of the total amount due,

Question: What is a loan term?

Answer: A loan term refers to the duration of time that a borrower has to repay a loan.

Question: What are closing costs?

Answer: Fees for real estate agents, charges for property valuation, expenses associated with transferring title, among other expenditures, typically ranging from 2-5% of the buying price.

Question: when making an informed purchase, Which of the following is not a useful strategy?

Answer: Buying influenced by a social media personality.

Question: What can help you meet your budget while shopping for important items?

Answer: Focusing on fulfilling your requirements.

Question: Which of the following is NOT an advantage of owning a car?

Answer: Small down payment

Question: When making a large purchase, you should avoid everything EXCEPT

Answer: A cost that aligns well with your financial plan.

Question: When comparison shopping, all of these hint at a good deal EXCEPT

Answer: Less expensive models provide a greater number of features.

Everfi Credit and Debt Answers – Consumer Skills Everfi Answers

Key topics typically covered in this module include:

1. Understanding Credit: This section would delve into what credit is, how it works, and why it’s essential in today’s economy. It would address various forms of credit, like credit cards, loans, and mortgages, explaining how each can be effectively managed.
2. Credit Scores and Reports: Here, learners would explore the significance of credit scores and reports. They would learn how these scores are calculated, what factors influence them, and why a good credit score is critical for financial health.
3. Managing Debt: This crucial segment would teach strategies for debt management. It would offer insights into differentiating between ‘good’ debt and ‘bad’ debt, and provide tips on managing debt to avoid financial strain.
4. Consumer Rights and Responsibilities: Understanding one’s rights and responsibilities as a consumer is vital. This part of the module would cover legal aspects and consumer protection laws related to credit and debt.
5. Practical Exercises: To reinforce learning, the module would likely include interactive scenarios, quizzes, and real-life examples, allowing learners to apply their knowledge in simulated environments.

The Everfi module on Credit and Debt is designed to be engaging and interactive, making complex financial concepts accessible and understandable for learners of various ages and backgrounds. It’s a valuable resource for anyone looking to improve their financial literacy and develop stronger consumer skills.