Unit 7 Quiz

Is purchasing things you need an advantage of having a credit card?

• True

• False

Which of the follow is not the 5 C's of Credit?

• Checking

• Character

• Collateral

• Capacity

Which of the 5 C's refer to the individual's Credit History?

• Collateral

• Capacity

• Character

• Capital

Which of the 5 C's refer to the item the money is being loaned for?

• Collateral

• Character

• Capital

• Capacity

Which of the 5 C's refer to how the loan will be repaid?

• Collateral

• Capital

• Character

• Capacity

Which of the 5 C's refer to the money amount of money an individual has in checking, savings, and investment accounts?

• Conditions

• Capital

• Collateral

• Capacity

Usually a month: your transactions are recorded and sent to you on a statement is what?

• Grace Period

• APR

• Billing Cycle

• Introductory Period

A summary of all your transactions. Will also include the due date of your payment is what?

• Billing Cycle

• Introductory Period

• Grace Period

• Statement

If you pay your balance in full before the due date during this period, you will not be charged interest this what?

• Statement

• Grace Period

• Introductory Period

• Billing Cycle

Many credit card companies will try to "woo" new customers by offering a low interest rate is what?

• Introductory Period

• Grace Period

• APR

• Billing Cycle