Financial Literacy Quiz

What is the term for a legal process that relieves debtors of the responsibility of paying their debts and protects them while they try to pay?

• Credit Limit

• Voluntary Bankruptcy

• Involuntary Bankruptcy

• Truth in Lending Act

Which term describes the maximum amount you can use on a credit card?

• Credit History

• Credit Report

• Credit Limit

• Credit Score

What is the term for a short-term, high-cost loan, generally for $500 or less, that is typically due on your next payday?

• Installment Loan

• Payday Loan

• Revolving Loan

• Secured Loan

Which term refers to the fee paid for the privilege of borrowing money?

• Principal

• Interest

• Term

• Grace Period

What is the term for an asset that can act as security for a loan?

• Collateral

• Principal

• Credit Score

• Credit Report

Which term describes a service where purchases are not billed to the customer until much later?

• Credit Bureau

• Unsecured

• Deferred Billing

• Credit History

What is the term for a written statement of a consumer’s credit history, issued by a credit bureau?

• Credit Report

• Credit Score

• Credit Limit

• Credit History

Which term refers to a three-digit number that determines how likely you are to repay your debts?

• Credit History

• Credit Score

• Credit Limit

• Credit Report

What is the term for the least amount of money you may pay that month on a credit card?

• Principal

• Minimum Payment

• Term

• Grace Period

Which term describes a business that gathers, stores, and sells credit information to other businesses?

• Credit Bureau

• Creditor

• Debtor

• Secured