WorksheetsCredit: Buy Now, Pay Later
Total questions: 20
Worksheet time: 10mins
Name
Class
Date
1.
Which of the following relates to your willingness to pay back debt?
a)
Character
b)
Capacity
c)
Capital
d)
Credit report
2.
A record of all your credit purchases and payments is called a(n)
a)
Credit Bureau
b)
Capital Amount
c)
Credit History
d)
Available Credit Amount
3.
Someone who signs for you to be able to get credit is
a)
Character
b)
Credit Bureau
c)
lender
d)
cosigner
4.
Which of the following has to do with your ability to pay off debt?
a)
character
b)
capacity
c)
available credit
d)
credit report
5.
An agency that keeps track of your credit history and FICO scores is a(n)
a)
cosigner
b)
credit bureau
c)
lender
d)
employer
6.
You can obtain a copy, without cost, of which of these each year?
a)
credit payments
b)
credit report
c)
credit score
d)
credit application
7.
A FICO score is also known as
a)
credit report
b)
credit history
c)
credit card
d)
credit score
8.
The amount of credit you have left to use to reach your credit card limit is
a)
minimum payment
b)
available credit
c)
Interest rate
d)
cash advance
9.
The amount you must pay on your credit card each month is called a(n)
a)
available credit amount
b)
minimum payment
c)
interest rate
d)
cash advance
10.
Which of that following provides a payment plan to pay off debt?
a)
Cash advance
b)
chapter 7 bancruptcy
c)
chapter 13 bancruptcy
d)
cosigner
11.
To default is the failure to pay what you owe on a loan or a purchase.
a)
True
b)
False
12.
A co-signer is someone who agrees to pay your debt if you do not pay.
a)
True
b)
False
13.
A Credit Report application is a form that you will fill out in order to be considered for a loan.
a)
True
b)
False
14.
Capital is the liabilities you have to pay.
a)
True
b)
False
15.
A credit application shows credit cards, car loans, mortgages, or any other type of credit that has been extended to you.
a)
True
b)
False
16.
Property that is accepted as security for a debt is called collateral.
a)
True
b)
False
17.
When paying on your credit card balance you should always just pay the minimum payment.
a)
True
b)
False
18.
Capital is the assets you have at your disposal.
a)
True
b)
False
19.
The difference between a secured loan and and unsecured loan is you need collateral for the unsecured loan.
a)
True
b)
False
20.
The difference between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy is a Chapter 7 bankruptcy eliminates most of your debt and stays on your credit report for 10 years.
a)
True
b)
False
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