Managing Credit- Unit Test

Managing Credit- Unit Test

23 Qs

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Managing Credit- Unit Test

Managing Credit- Unit Test

Assessment

Quiz

others

Practice Problem

Hard

Created by

Elena Charles

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23 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. What are the two most important factors in calculating your credit score?

Amounts owed and length of credit history
Payment history and total debt
Length of credit history and new credit inquiries

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. Heather realized she has taken out too much debt and it has started to negatively impact her ability to budget. She has decided to pay off this debt in full as soon as possible. All of the following would be beneficial strategies EXCEPT…

Reducing spending by canceling some of her streaming subscriptions
Making more than the minimum required payment on her debt
Applying for another credit card to use in case she runs out of cash paying off her debt

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

3.Which of the following statements about credit scores does this bar graph support?

It is more difficult for young people to borrow because they have less payment history for a lender to rely upon
When young people borrow, they are likely to have lower interest rates because their credit scores are lower
It is easier for young people to get loans at lower interest rates because they are likely to have never been late with a payment

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. All of the following would show up on a credit report EXCEPT...

Salary of your current job
Payment history of your car loan
Credit card payment history

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. Your friend confides in you that he has a low credit score. What is the single best way for him to improve his score?

Cancel his credit cards
Make on-time payments
Check his credit score

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. Melvin is 19 years old and wants to begin establishing a credit history. Which action should he take to meet that goal?

Always say "credit" when asked "credit or debit?" at a store
Ask his parents to cosign a credit card or add him as an authorized user on their credit card
Take out some private student loans, even though he doesn't need them because he has grants and scholarships

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

9. Frank and Jasmere are each shopping for a new car for themselves. Each will need a $20,000 loan that they will pay back over a five year period. Frank has a credit score of 730 and Jasmere has a score of 600. Which of the following statements is TRUE?

Over the five year period, Jasmere and Frank will pay the same amount for the car loan
Jasmere's monthly payment on the loan will be about $100 more than Frank's payment
Lenders are not allowed to charge people different interest rates based on their credit scores

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