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Credit Review

Authored by Scott Schumacher

Life Skills

11th - 12th Grade

Used 28+ times

Credit Review
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16 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Finance charge is the total dollar amount you pay to use credit.

True
False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cosigning a loan means that you agree to be responsible for the loan payments if the other person fails to make them?

True
False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person can get loans for all the following; plastic surgery, crops, adoption, and future income.

True
False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

By providing businesses with a consumer's credit history, credit bureaus

Force interest rates up
Cause loan approvals to take more time to complete
Reduce the risk
Encourage consumers to borrow money.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When consumers apply for a loan they should expect to be asked for each of the following types of information except

name of employer
name of bank
have you been divorced
amount of debt

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

It is important to keep credit card charge receipts

help complete income tax returns
keep track of amount of interest
in case of a dispute over a charge
choose best locations to shop

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An agreement that allows people to borrow against the equity in their homes, when they choose, and in the amount they choose is called

Home equity line of credit
Fair credit billing act
preapproved credit card
debit card

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