
Types and Managing Credit - Test Review
Authored by Mrs. Kloc
Life Skills
10th Grade
Used 1+ times

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25 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a credit score?
A measure of income
A number indicating creditworthiness
A type of loan
An expense report
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is NOT a factor in calculating a credit score?
Payment history
Credit utilization
Employment history
Length of credit history
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which type of credit allows you to borrow up to a certain limit and pay interest only on what you use?
Installment credit
Revolving credit
Secured credit
Debit card
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is an installment loan?
A loan repaid in regular payments over a period of time
A line of credit with a variable interest rate
A loan secured by collateral
A loan with no repayment required
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What does a secured credit card require?
A high credit score
A security deposit
A co-signer
Monthly income verification
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a benefit of having a good credit score?
Higher interest rates
Lower interest rate offers, therefore, generally less expensive borrowing costs
Fewer credit card options
More frequent credit checks
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which type of credit report item is most damaging to your score?
Hard inquiries
Missed payments
Credit utilization
Length of credit history
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