Credit & Debt Unit Test Review

Credit & Debt Unit Test Review

9th Grade

49 Qs

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Credit & Debt Unit Test Review

Credit & Debt Unit Test Review

Assessment

Quiz

Business

9th Grade

Practice Problem

Medium

Created by

Stacy Morgan

Used 6+ times

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49 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Each of the following financial products will help you build credit history EXCEPT:

Secured credit card
Debit card
Home mortgage
Credit card

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What statement about credit cards is TRUE?

They can help you establish a credit history
Since they are tied directly to your checking account, they prevent you from spending money you do not have
If you need to carry a balance, the interest rates are generally quite low (less than 5%)
As long as you make the minimum payments it's like getting a short-term interest free loan

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Based on the Card Statement, which of the following statements is TRUE?

The cardholder is carrying a balance over from the last period.
The cardholder was charged interest on her balances for the last period because she made her payment on time.
If the cardholder makes her minimum payment of $35.00 by the due date, she will NOT be charged interest on her balances.
If the cardholder pays $523.20 by the due date on the bill, she will pay NO interest to the credit card company.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

Based on the Card Statement, how much credit does this cardholder have available to use?

$0
About $500
About $1600
$2100

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would NOT appear on a credit report?

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

How can your credit score impact your financial situation?

Consumers with high scores can borrow and those with low scores cannot
Consumers with low scores get lower interest rates on loans than those with high scores
Your credit score can determine whether you are approved for a loan and what the interest rate on that loan will be
It generally has no impact on your financial situation

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