Credit Review

Quiz
•
Other
•
12th Grade
•
Easy
Katelyn Robertson
Used 1+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is credit?
A legal agreement to receive cash, goods, or services now and pay for them in the future.
A method of payment where cash is used to make purchases.
A type of loan that can only be obtained from a bank.
A financial difficulty that arises when one loses track of how much has been spent.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Where can you obtain credit?
Bank
Credit Union
Finance Companies
All of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the advantages of credit?
Able to buy needed items now
Don't have to carry cash
Creates a record of purchases
All of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the disadvantages of credit?
Interest (higher cost of items)
May require additional fees
Financial difficulties may arise if one loses track of how much has been spent each month
All of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three C's of getting credit?
Character, Capital, Capacity
Credit, Cash, Collateral
Cost, Convenience, Credit Score
Credit Card, Checking Account, Car Loan
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are your responsibilities when using credit?
Borrow only what you can repay
Read and understand the credit contract
Pay debts promptly
All of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are your rights with credit?
Truth in Lending Act
Fair Credit Reporting Act
Equal Opportunity Act
All of the above
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