Types of Credit Review

Types of Credit Review

9th Grade

23 Qs

quiz-placeholder

Similar activities

Do I Know You?

Do I Know You?

KG - Professional Development

20 Qs

Restaurant Management Unit 1

Restaurant Management Unit 1

10th - 11th Grade

20 Qs

Latihan

Latihan

11th Grade

20 Qs

Be / Past Tense

Be / Past Tense

12th Grade - University

18 Qs

PR1-3rd Summative-2nd Quarter

PR1-3rd Summative-2nd Quarter

11th Grade

20 Qs

FINANCIAL MANAGEMENT

FINANCIAL MANAGEMENT

12th Grade - University

20 Qs

Christmas Quiz

Christmas Quiz

1st - 12th Grade

20 Qs

SJAG Bible Quiz

SJAG Bible Quiz

KG - Professional Development

20 Qs

Types of Credit Review

Types of Credit Review

Assessment

Quiz

Other

9th Grade

Practice Problem

Medium

Created by

Susan Hoose

Used 92+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

23 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

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

1 min • 4 pts

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

1 min • 4 pts

3. How can your credit score impact your financial well-being?

Only consumers with high scores are approved for credit
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

4.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

5. Which of the following could have a NEGATIVE impact on your credit score if done in a short period of time?

Paying your bills on-time
Paying down balances on your credit card accounts
Decreasing your utilization of credit
Applying for multiple credit cards

5.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

6. Which best describes the Debt Snowball method for paying off debt?

Only make payments on your smallest debt first, then move on to your second smallest debt, and so on
Once your debt "snowballs" out of control, hire a certified credit counselor to help get your finances back on track
Make the monthly minimum payments on all your debts, and then put any extra cash toward the debt with the highest balance
Make the monthly minimum payments on all your debts, and then put any extra cash toward the debt with the lowest balance

6.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

7. What benefits do you receive by taking out a loan with a cosigner?

You don’t get penalized for late payments
You get a discount on future loans after this one is paid off
You have a better chance of getting approved and getting a lower interest rate if the cosigner has good credit
You automatically get the same credit score as the cosigner once the loan is paid off

7.

MULTIPLE CHOICE QUESTION

1 min • 4 pts

8. Which response best completes the sentence "It's best to begin establishing credit when you're young because ________" ?

Accessing credit only becomes more expensive as you get older
Negative marks on your credit report go away faster for younger borrowers
Credit scores are free for anyone under the age of 25
You will likely need a credit history to rent your first apartment, finance your first car, or open an unsecured credit card

Create a free account and access millions of resources

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?