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?

Keeping your credit utilization below 30\%

Making late payments on your credit cards

Paying your credit card balance 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, which lenders use to assess the risk of lending to you. It is influenced by factors such as payment history, credit utilization, length of credit history, types of credit, and recent credit inquiries.

Identify the factors that negatively impact a credit score: Among the options provided, making late payments on your credit cards is the habit most likely to lower your credit score. Payment history is the most significant factor in determining your credit score, and late payments can have a substantial negative impact.

Analyze the other options: Keeping your credit utilization below 30% is a positive habit that helps maintain a good credit score. Paying your credit card balance in full each month is also beneficial, as it demonstrates responsible credit management. Reviewing your credit report regularly does not directly impact your score but helps you identify errors or fraudulent activity.

Recognize the importance of timely payments: Late payments are reported to credit bureaus and can remain on your credit report for up to seven years, significantly lowering your score. It is crucial to make payments on time to avoid this negative impact.

Conclude the analysis: Based on the explanation, the habit most likely to lower your credit score is making late payments on your credit cards. This emphasizes the importance of maintaining a consistent and timely payment history to protect your credit score.