Credit and Financial Literacy Quiz

What is credit?

• A form of income

• Money you give to others

• The ability to borrow money now and pay it back later

• Free money from the government

What is one common form of credit?

• Debit cards

• Prepaid gift cards

• Credit cards

• Cash payments

A lower APR means you will:

• Earn more rewards

• Pay more in interest

• Pay less in interest

• Get more credit

What does your credit score represent?

• Your salary

• How much money you have in savings

• Your creditworthiness

• The amount of debt you have

What is the highest FICO credit score?

• 600

• 700

• 800

• 850

Which is NOT a major credit bureau?

• Equifax

• TransUnion

• Experian

• Bank of America

What is a credit report?

• A list of your income

• A record of your academic performance

• A summary of your credit history

• A list of your bank accounts

Which of these improves your credit score?

• Paying bills late

• Maxing out your credit cards

• Paying bills on time

• Ignoring your credit

What is a minimum payment?

• The full amount due

• A payment you can skip

• The smallest amount you must pay on your credit balance

• The interest rate

What happens if you only pay the minimum payment each month?

• Your balance will grow due to interest

• Your credit score improves instantly

• You avoid interest

• Your card gets canceled