2.1 Credit Basics

2.1 Credit Basics

12th Grade

9 Qs

quiz-placeholder

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2.1 Credit Basics

2.1 Credit Basics

Assessment

Quiz

others

12th Grade

Hard

Created by

Jillian Lawson

FREE Resource

9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Credit Scores run from...
0 to 100
100 to 500
300 to 850
500 to 1000

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the top 3 factors that determine your credit score?
Payment history, credit utilization, and length of credit history
Income, net worth, and debt-to-income ratio
Credit inquiries, credit mix, and credit limit
Age, education level, and employment status

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit score?

A report of someone's credit history

A snapshot of someone's bank account balance

A summary of someone's annual income

A document showing someone's tax payments

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What do Credit Bureaus do?

They lend money to individuals and businesses to boost the economy.

They manage personal bank accounts and transactions.

They offer investment advice to consumers.

They keep track credit histories and provide credit scores to lenders.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is credit utilization?
Credit utilization is the interest rate applied to loans.

Credit utilization refers to the number of credit accounts a person has.

Credit utilization is the percentage of available credit that is currently being used.

Credit utilization is the total amount of debt owed.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why It Is Important to Establish Credit While You're Young?
Establishing credit is only necessary for buying a house later in life.
You can only build credit after turning 30 years old.
Having no credit is better than having bad credit at a young age.

Starting earlier gives longer credit history benefiting your credit score.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What's the difference between Good Debt and Bad Debt
Good debt is always interest-free; bad debt always has high interest.
Good debt is used for personal expenses; bad debt is for investments.
Good debt is short-term; bad debt is long-term.

Good debt will grow in value over time; bad debt will not grow in value.

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the 3 credit bureaus?
Experian, TransUnion, Equifax

Credit Karma, Expertise, Transactions

Dun & Bradstreet, Bearstop, Lawson LLC

FICO, Creditcon, Scoresheet

9.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a credit score?

a three-digit score that tells lenders how much money you make each year.

A five-digit numerical rating that reflects how likely you are to repay your debt.

A three-digit numerical rating that reflects how likely you are to repay your debt.

A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts