Personal Finance Final Exam

What is the numerical range for credit scores?

• 350-850

• 300-850

• 350-900

• 300-900

573 credit score is ______?

• Very Good

• Fair

• Poor

• Very Poor

What are the names of the three credit bureaus?

• Transequifax, Transiberian, Equality

• Experian, Equifax, and TransUnion

• Econlowdown, Everfi, Banzai

• Wikileaks, Expedia, Transiberian

How many free credit reports are you entitled to each year?

• One credit report, from each of the three credit bureaus.

• You are not entitled to a free report.

• Six credit reports, from each of the three credit bureaus.

• Two credit reports, from each of the three credit bureaus

What is interest? (In relationship to the consumer using a form of credit)

• The cost you earn in interest.

• The annual fee credit companies charge.

• The cost of borrowing, if you do not pay your debt in full.

• Consumers never pay interest when they borrow.

How much should you always have left over when using a credit card?

• 70%

• $300

• Max out

• 30%

Which of the following is NOT a disadvantage of using credit?

• Carrying a balance and paying interest.

• Increases a consumers debt they owe.

• Safer than carrying cash.

• Way too tempting; impulse buying.

What is one advantage of using credit?

• Can build good credit history, if used properly.

• Carrying a balance and paying interest.

• Increases consumers debt.

• Way too tempting; impulse buying.

What are the two biggest influences on your credit score?

• Frequency of new credit and types of credit.

• Payment history and amount of debt

• Frequency of new credit and length of credit history.

• Amount of debt and types of debt.

Property used to assure payment of a loan is called?

• Collateral

• Card Reader

• Capital gains

• Clearinghouse