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Credit 2024

Authored by Elisabeth Oliver

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Professional Development

Used 6+ times

Credit 2024
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30 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

1. Which word represents the total cost of the item you are purchasing on credit minus any down payment you make upfront?

Principal
Term
Interest rate
APR

2.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

2. Which statement is true of both debit AND credit cards?

Both can trap you in an endless cycle of debt if you’re not careful
Both allow you to make purchases in a store or online
Both typically have interest rates between 10-30%
Both require you to pay a minimum monthly payment when your bill arrives

3.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

3. If you buy a $1000 bicycle, which credit card payoff strategy will result in your paying the LEAST total amount?

Pay the minimum monthly payment
Pay $100 per month for 10 months
Pay $250 per month until it’s paid off
Don’t make any payments until you have the full $1000 saved, regardless of how long that takes

4.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

4.Paying more than the minimum payment (or paying your balance in full) is beneficial because…

It lowers your interest rate
The lender can’t penalize you for future late payments
You get a discount on future purchases made with credit
You pay less interest overall

5.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

5.All of the following appear on your credit report EXCEPT…

Your checking account balance
Student loan payment history
Balance owed on a car loan
Number of active credit accounts

6.

MULTIPLE CHOICE QUESTION

30 sec • 3 pts

6.Which of the following categories make up most of your credit score?

Number of recent hard inquiries
Average length of your credit history
Number of active credit accounts
Payment history and credit utilization

7.

MULTIPLE CHOICE QUESTION

30 sec • 4 pts

7. All of the following purchases can be impacted by your credit report EXCEPT…

Getting your own cell phone plan
Leasing an apartment
Applying for a mortgage to buy a house
Buying a TV with cash

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