Managing Credit- Review

Managing Credit- Review

12th Grade

25 Qs

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Managing Credit- Review

Managing Credit- Review

Assessment

Quiz

others

12th Grade

Practice Problem

Medium

Created by

Nicholas Lackey

Used 7+ times

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25 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?

Payment history and types of accounts
Payment history and total debt

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. Which choice will help her pay off debt?

Taking extra shifts at work to increase her income
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?

Credit scores tend to drop as you grow older because you are more likely to miss a payment at some point
It is more difficult for young people to borrow because they have less payment history for a lender to rely upon

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. Which of the following would show up on a credit report?

Salary of your current job
Credit card payment history

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. Which of the following methods of getting your credit score would involve paying a fee?

Checking creditkarma.com
Getting a score from myFICO.com

6.

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?

Make on-time payments
Check his credit score

7.

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?

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

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