Credit Essentials Test

Credit Essentials Test

20 Qs

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Credit Essentials Test

Credit Essentials Test

Assessment

Quiz

others

Practice Problem

Hard

Created by

Anthony Rovello

Used 1+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What are the two main types of credit?

Installment and revolving credit
Secured and unsecured credit
Good and bad credit
Personal and business credit

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is an example of installment credit?

Credit cards
Student loans
Home equity line of credit
Payday loans

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the range of credit scores?

100 to 500
200 to 700
300 to 850
400 to 900

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following factors does NOT influence credit scores?

Payment history
Credit utilization ratio
Length of credit history
Number of social media followers

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

How often should you check your credit report?

Every month
Every year
Every 5 years
Never

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What can happen if you only pay the minimum balance on a credit card?

Your credit score will improve
You will avoid interest charges
You may end up paying more in interest
Your credit limit will increase

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

What is the purpose of the Fair Credit Reporting Act (FCRA)?

To ensure accuracy and privacy of credit information
To regulate interest rates on credit cards
To provide free credit reports to consumers
To protect consumers from identity theft

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