Credit Mastery

Credit Mastery

Professional Development

30 Qs

quiz-placeholder

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Credit Mastery

Credit Mastery

Assessment

Quiz

Professional Development

Professional Development

Practice Problem

Hard

Created by

ELi Wolf

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is manufactured spending?

Spending money on manufactured goods

Buying things with your credit card and redirecting those purchases to something more useful or profitable

Spending money on anything without a payment option

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the risk associated with manufactured spending?

Getting higher credit card limits

Getting cashback or rewards points for the transaction

Getting your credit card limit reduced or getting your card shut down

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the closing date of a credit card?

The date the credit card company reports your history to the credit bureaus

The last day of a credit card's billing cycle and when the credit card statement gets compiled for the account

The date your bill is due

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the process of hiding utilization?

Paying the credit card balances to $0 for cards due on the first half of the month by MS’ing your debt to the cards due on the second half

Maxing out your credit cards and not paying them off

Removing any old inquiries from your credit report

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

How can you hide utilization when your credit cards are maxed?

By using the same process of moving your debt to another card

By not paying your bills on time

By not using any credit cards

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What is the main issue many people are dealing with right now?

Lack of education

Poor credit score

High interest rates

No access to credit cards

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Why should you work to improve your credit score?

To open the door to a plethora of opportunities

To avoid high interest rates and fees

To have a better understanding of financial literacy

All Of The Above

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