Credit Unit

What does APR stand for?

• Annual Point Ratio 
• Annual Percentage Rate
• A Percent Rate
• Annually Percentage Ratio

The least amount that must be paid on a credit card each month is

• Late Fee

• Credit Limit

• Payment Amount

• Minimum Payment

How can a cardholder avoid paying interest on a credit card?

• Do not pay anything

• Pay the minimum payment after its due date

• Pay the balance in full every month

• Pay the minimum balance every month

The three major institutions that keep credit records on individuals and businesses are _____, ______, and ______.

• Equifax, Experian, Trans Union
• Turbo Tax, Experian, Quicken Loans
• Equifax, Quicken Loans, H&R Block
• H&R Block, Turbo Tax, Trans Union

FICO Scores are calculated from a lot of different credit data in your credit report and are scored from _____ to _____.

• 100 to 1600
• 300 to 850
• 1 to 36
• 1 to 2400

What type of fee is given to a cardholder if they do not make the minimum monthly payment by the due date?

• Overtime fee

• Late- payment fee

• Misdemeanor

• Identify Theft fee

What is the 3 digit creditors use to determine if you credit worthy?

• Credit report

• Credit measurement

• Credit score

A legal process to get out of debt when you can no longer make all your required payment.

• Liquidation

• Bankruptcy

• Mean's Test

• Credit Counseling

How many years does bankruptcy stay on your credit?

• 2

• 5

• 7

• 10

Credit Limit

• Unfair and sneaky tactics some use to trick people into taking out loans

• The amount of money owed on an account

• The smallest amount you can pay back each month on a loan or credit card

• The maximum amount of credit that a person can borrow