Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Which of the following habits is most likely to lower your credit score?

Making late payments on your credit cards

Keeping your credit card balances low

Paying your bills in full each month

Reviewing your credit report regularly

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Verified step by step guidance

Understand the concept of a credit score: A credit score is a numerical representation of your creditworthiness, based on your credit history. It is influenced by factors such as payment history, credit utilization, length of credit history, types of credit, and recent credit inquiries.

Identify the key factor in the question: The question asks which habit is most likely to lower your credit score. Payment history is one of the most significant factors affecting your credit score, and making late payments negatively impacts this factor.

Analyze each option: Evaluate how each habit affects your credit score. For example, keeping credit card balances low and paying bills in full each month are positive habits that improve your credit score, while making late payments is a negative habit that lowers it.

Consider the importance of reviewing your credit report: Regularly reviewing your credit report helps you identify errors or fraudulent activity, which can indirectly protect your credit score. However, this habit does not directly lower your score.

Conclude that making late payments on your credit cards is the habit most likely to lower your credit score, as it directly impacts your payment history, which is a major component of your credit score calculation.