Credit Review Quiz

1. Which of the following is an example of service credit?

• Electric bill

• Student loan

• Mastercard bill

1. If you need to borrow money to buy a car, which type of credit would you need to obtain so that you can repay the loan in equal payments over time?

• Revolving credit

• Installment credit

• Service credit

1. The costs of using credit, including interest, late charges, and other fees is called _______. 

• Liabilities

• Principal

• Finance charges

1. Which loans should you avoid? 

• Loans from pawn shops

• Payday loans

• All of the above

1. A measurement of your financial ability to repay a loan is _____.

• Character

• Capital

• Capacity

1. The value of what you own, including savings, investments, and property is known as _____.

• Character

• Capacity

• Capital

1. _______ is judged upon your character, capacity, and capital.

• Credit worthiness

• Loan amount

• Monthly payment 

1. Johnny has a credit score (FICO) of 800. His credit score will be considered _____.

• poor

• excellent

• very good

1. Which of the following has the biggest impact on your credit score?

• Payment history

• Types of credit

• New accounts

1. How often can a person view his/her credit report for free?

• Only if they are a victim of identity theft

• Once a year, from each of the three main credit reporting agencies

• At any time and an unlimited number of times