Credit Card and Loan Basics

What is a credit score?

• It's your credit history

• A four digit number explaining how dumb or smart you are

• It's a record of your financial activity

• It's a three digit number that indicates if you are a credit risk

Which item below is not considered a first-time credit option?

• Home Loan

• Department Store Card

• Secured Credit Card

• Bank Card

When applying for credit, which of the following should you do?

• Research the items and conditions thoroughly

• Make sure the creditor reports your activity to the credit bureaus

• Make sure you understand all of the fees before accepting the credit

• All of the above

If your credit score is low you're.....

• Less likely to be approved for a loan from a lender

• More likely to be approved for a loan from a lender

• More prone to make great decisions regarding your finances

• Less prone to make great decisions regarding your finances

Which of the following is the most practical tip for saving money on eating out?

• Don't eat a few meals over the course of the week to stay in shape and save money

• Bring your lunch to work throughout the week to save money

• Pay for meals on your credit card instead of debit or cash

• Order Chick-Fil-A to-go instead of dining in

Which of the following would save on transportation costs?

• Use public transportation when available

• Plan your trips to reduce gas costs

• Buy a good, reliable, fuel efficient car to save on gas costs

• Shop around for car loans to get the best deal

• All of the above

The annual rate that is charged for borrowing from a lender

• Annual Percentage Rate (APR)

• Annuity Annuled Fund

• Increment Balance Dividends

• Taxes

The sense of regret after buying something

• Immediate Regret

• Don't count your chickens before the eggs hatch

• Buyer's Remorse

• Bad Vibes

Which of the following is not a financial term

• Taxes

• Net Pay

• Gross Pay

• Gross person

Financial experts recommend that you save what percentage of your annual income?

• 5

• 22

• At least 10

• 0