Unit 3 Lesson 4 QUiz

A record of a person's financial information, previous addresses, social security #, current and previous employers, credit card accounts & balances, and loan information is known as:

• credit score

• credit report

• credit card statement

A credit card statement shows the new balance, maximum payment due, and payment due date.

• True

• False

A standardized measurement of the potential to repay a debt is called:

• credit report

• credit card statement

• credit score

Credit card agencies keep records on a consumer's credit experience.

• False

• True

If you are a responsible borrower, you will have a poor credit rating, otherwise you would have a good one.

• False

• True

Lenders need a way to understand the financial risk of using a line of credit.

• True

• False

There are two ways prospective lenders access the likelihood of a consumer loan being repaid on time and in full. Check all that apply

• Credit Worthiness & Credit Card Statement

• Credit Card Statement

  & Credit Score

• Credit Report & Credit Card Statement

• Credit Score

  & Credit Report

One debit card disadvantage is that it is not a way to build credit.

• False

• True

One credit card advantage would be that annual fees may apply.

• False

• True

A credit card statement will show all the recent activity for purchases, payments, and interest rates with in a monthly period.

• False

• True