Credit Pre-Assessment Prep

Credit Pre-Assessment Prep

12th Grade

16 Qs

quiz-placeholder

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Credit Pre-Assessment Prep

Credit Pre-Assessment Prep

Assessment

Quiz

Business

12th Grade

Medium

Created by

Quintin Smith

Used 13+ times

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is required to get a loan?

Good credit

High income

Low expenses

No debt

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a lender make money from a loan?

By charging a finance charge

By offering discounts

By providing free services

By reducing interest rates

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which credit health category has an estimated APR of more than 25%?

Excellent

Good

Poor

Bad

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'Capacity' in credit score assessment evaluate?

Your savings

Your income vs. debt

Your education

Your employment status

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor is NOT directly assessed in a credit score?

Character

Capacity

Capital

Age

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What might a lender do if you fail to pay a loan?

Increase your credit score

Take something you own

Offer a new loan

Reduce your interest rate

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does a cosigner allow you to do?

Pay the loan for you

Use their credit

Increase your loan amount

Decrease your interest rate

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