THE ULTIMATE WISE TEST REVIEW

Front

The cost of borrowing money is referred to as

Back

Interest

Front

The maximum amount you are allowed to carry as a balance on the card

Back

credit limit

Front

The least amount you must pay on a credit card, based on a percentage of the outstanding balance.

Back

minimum payment

Front

Which one is considered a danger of using a credit card: no cash needed, leads to overspending, convenient, earns rewards?

Back

leads to overspending

Front

To build a good credit history, you should: open as much credit as possible quickly, use the maximum credit allowed on all your credit cards, pay on time and as much of your balance as possible, all of these

Back

pay on time and as much of your balance as possible

Front

What does APR stand for?

Back

Annual Percentage Rate

Front

What financial habits determine your credit score? Payment History & Amount you owe, Length of credit history & Amount of new credit applied for recently, Types of credit open

Back

All of these are correct

Front

What are the three major Credit Reporting Agencies (CRAs)?

Back

Equifax, TransUnion, Experian

Front

What debt cannot be removed by declaring bankruptcy? Options: Child Support, Car Loan, Credit Card, Medical Bills

Back

Child Support

Front

Which category makes up the largest percentage of your credit score? Options: Type of credit used, Payment history, Outstanding debt, Credit history

Back

Payment history