Using Credit

Using Credit

University

16 Qs

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Using Credit

Using Credit

Assessment

Quiz

Life Skills

University

Practice Problem

Medium

Created by

Taylor Ruark

Used 3+ times

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Lucia doesn't have any credit cards, current loans, or debt.  Given this information, it is likely that Lucia's FICO score is high.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following will not help you establish a good credit history?

Paying your phone bill on time

Financing a car and making payments on time

Making as many purchases as possible with cash

Never exceeding your credit limit on your credit card

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For creating credit scores, credit bureaus rely on a model created by the Fair Isaac Corporation.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Credit scores in the 500-600 range will result in

lower interest rates.

higher interest rates.

automatic acceptance of your credit application.

preferential treatment of your application.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is NOT an advantage of credit?

Emergency Resources

Hedge Against Inflation

Convenience

Decreases Consumption

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following credit scenarios will lead to the best deals (i.e., a case where the borrower ends up paying back less money)?

Marshall is offered a credit card with an introductory 0% APR for 12 months and then a rate of 17% thereafter.  He borrows $2000 and pays it back in 6 months.

Andrea is offered a credit card with 14% APR.  She spends $2000 on the credit card, and pays it back in 12 months.

Marco is offered a credit card with a 8% APR.  He spends $3000 and pays it back in exactly two years.

Tony is offered a credit card with an APR of 15% and an annual fee of $35.  He spends $1700 and pays it back in 18 months.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt


Leon has a FICO score of 590, and Nicole has a FICO score of 700.  Which of these potential borrowers will be seen as the better risk to a lender who is considering whether to lend money or not?

Leon

Nicole

Both would be considered to be good potential borrowers

Neither would be viewed as acceptable borrowers

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