Banking and Credit Quiz

What is the average APR for credit?

• 10%

• 15%

• 5%

• 25%

What is another name for APR?

• credit score

• credit history

• interest rate

• grace period

True or False: Time allotted after a bill is due is called grace period.

• True

• False

A type of card that is not backed by a cash deposit or collateral________ credit cards.

What does APR stand for?

• Annual Portion Range

• Annual Percentage Range

• Actual Percentage Rate

• Annual Percentage Rate

The higher the credit score, the _________ the interest rate.

Select the correct answer on why her interest rate for her new credit card is higher than she expected.

• Her credit score is considered

• She has more than one line of credit.

• She opened up a new line of credit.

• She hasn't paid off her loans yet.

What does FICO stand for?

• Final Income Chart

• Fair Income Corporation

• Fair Isaac Corporation

• Financial Isaac Company

What are the names of the three credit bureaus?

• Equalfax, Transunion, and Experian

• Equifax, Transunion, and Experian

• Equifax, Transport, and Experian

• Equifax, Transunion, and Experience

A credit score has _______ digits.