Managing Credit- Unit Review

Managing Credit- Unit Review

9th - 12th Grade

25 Qs

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Managing Credit- Unit Review

Managing Credit- Unit Review

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Easy

Created by

Tobias Stripling

Used 4+ 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
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
Taking extra shifts at work to increase her income
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?

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
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
Student loan activity

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 your credit card or loan statement
Talking to a non-profit counselor
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?

Cancel his credit cards
Make on-time payments
Get a car loan
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?

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
Any time he borrows money from a friend or family member, be sure to pay it back promptly
Take out some private student loans, even though he doesn't need them because he has grants and scholarships

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