End of Quarter Review 3

Which of the following is a major credit bureau? (Check all that apply)

• TransUnion

• Experian

• Credifax

• Equifax

Credit cards are what type of credit source? (Check all that apply)

• Open End

• Closed End

• Revolving

• Secured

Car payments are broken into which two parts?

• Taxes and Principal

• Insurance and Interest

• Principal and Insurance

• Interest and Principal

Which type of mortgage has an interest rate that is subject to change from time to time?

• Adjustable Rate Mortgage

• Fixed Rate Mortgage

The highest balance you can carry on your credit card is called:

• Top balance

• Credit limit

• High balance

• Top limit

Which of the following are used to make up your credit score? (Check all that apply)

• How much you owe a creditor / lender

• Your available credit

• Your payment history

• The balance in your savings account

What is the purpose of your credit score?

• To determine your level of risk

• To determine your net worth

• To evaluate how well you budget

Which of the following is an example of a secured loan?

• Credit card

• Personal loan

• Car loan

When something decreases in value over time, such as a vehicle, it is called:

• An appreciating asset

• A depreciating asset

Mortgages that are guaranteed to have the same interest rate throughout the life of the loan are called:

• Adjustable Rate Mortgages

• Fixed Rate Mortgages