Credit Management Quiz

Credit Management Quiz

12th Grade

20 Qs

quiz-placeholder

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Credit Management Quiz

Credit Management Quiz

Assessment

Quiz

Education

12th Grade

Medium

Created by

Breanna Allensworth

Used 1+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a benefit of paying your credit card bill in full each month?

Avoids interest charges and shows responsible credit management.

Leads to high-interest debt accumulation.

Causes multiple hard inquiries.

Reduces the average account age.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a consequence of making only the minimum payment on a credit card?

Improves credit score.

Leads to high-interest debt accumulation.

Shows controlled spending.

Helps catch mistakes or fraud early.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is regularly checking your credit report for errors considered good for credit?

It reduces the average account age.

It helps catch mistakes or fraud early.

It leads to high-interest debt accumulation.

It causes multiple hard inquiries.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a potential impact of opening several new credit cards at once?

Improves credit score.

Causes multiple hard inquiries.

Shows controlled spending.

Avoids interest charges.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is keeping credit card balances below 30% of the credit limit beneficial?

It leads to high-interest debt accumulation.

It improves credit score and shows controlled spending.

It causes multiple hard inquiries.

It reduces the average account age.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a negative consequence of missing a payment or paying late?

Improves credit score.

Negative impact on credit score.

Shows controlled spending.

Avoids interest charges.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is closing a credit card account with a long history considered bad for credit?

It improves credit score.

It reduces the average account age.

It shows controlled spending.

It avoids interest charges.

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