During the Independent Life Stage What Can You Do to Build

question 13

Multiple Choice

During the independent life stage what can you do to build your credit score?

• A) Apply for and receive your first credit card
• B) Make all credit card payments on time
• C) Do not use more than 30% of your credit line
• D) All of these

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Definitions:

Recording Process

The recording process in accounting involves chronologically documenting the financial transactions of a business to ensure accurate financial reporting.

Credit Balances

The amount of money a company owes to its creditors, often shown as liabilities on the balance sheet.

Debit Balances

Refers to the amounts owed by a company or individual that are recorded on the left side of the balance sheet, indicating expenses or assets.

Recording Process

The systematic method of capturing and documenting financial transactions in the accounting records of an organization.