Fin Lit QBA #2 Review

A NUMBER assigned to a person that indicates to lenders their capacity to repay a loan.

• Credit History

• Credit Report

• Credit Score

Your Credit Report includes all the following EXCEPT:

• Public Financial Records

• How much money is in your bank

• Social Security Number

Bad credit can affect all of the following areas EXCEPT

• Getting a job

• Getting a loan

• The cost to buy groceries

To improve your credit score, you should...

• Pay your bills on time

• Pay off debt

• Keep credit card balances well below limits

• All of the above

Insurance you have to pay when you are unable to put a 20% down payment on a house.

• PMI

• Principal

• Interest

Which of the following types of credit is REVOLVING?

• Auto Loan

• Credit Card

• Mortgage

Which of the following is an example of a SECURED Loan?

• Auto Loan

• Credit Card

• Student loan

For a 3/1 ARM loan, what does the 3 mean?

• The loan is at a fixed rate for 3 years

• The loan is at a variable rate for 3 years

• The interest rate is calculated every 3 years.

Which loans does the government pay the interest on while you are in school?

• Subsidized Loans

• Unsubsidized Loans

A short-term loan that can help you cover immediate cash needs until you get your next paycheck.

• Title loan

• Pay Day Loan

• Auto Loan