Credit Knowledge Quiz

Credit Knowledge Quiz

12th Grade

15 Qs

quiz-placeholder

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Credit Knowledge Quiz

Credit Knowledge Quiz

Assessment

Quiz

Business

12th Grade

Practice Problem

Hard

Created by

Richie HS]

Used 3+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is credit?

Buying something and paying immediately

Borrowing money and promising to pay later

Earning money through investments

Saving money in a bank account

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Before giving someone credit, what do lenders do?

Check the person's bank balance

Determine the person's credit risk

Offer a loan without any checks

Ask for a personal reference

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What does a good credit rating allow a borrower to do?

Borrow less money

Borrow money at a higher interest rate

Borrow money cheaper and more easily

Avoid paying back loans

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Besides borrowing money, what are two other reasons why a good credit rating is important?

It helps in getting a job and buying groceries

It is used by landlords and car insurance companies

It allows for tax deductions and free travel

It provides discounts on utilities and phone bills

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What happens when your credit points are added up?

They are converted into a credit limit

They are converted into a rating

They are used to calculate taxes

They are used to determine your salary

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the purpose of a credit rating?

To determine your age

To measure your credit risk

To calculate your monthly expenses

To assess your educational qualifications

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are the five areas that are measured and determine a person’s credit score?

Payment history, how much you owe, length of credit history, new credit, types of credit

Income, savings, investments, expenses, debts

Employment history, education, age, location, income

Spending habits, savings, debts, income, expenses

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