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WorksheetsCredit Credit Credit
Total questions: 25
Worksheet time: 18mins
Name
Class
Date
1.
The cost of borrowing money is referred to as
a)
Interest
b)
Annual Percentage Rate
c)
Credit
d)
Credit Line
2.
The amount charged if your payment is received after the billing due date.
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
3.
The maximum amount you are allowed to carry as a balance on the card
a)
interest
b)
ARP
c)
credit limit
d)
all of these
4.
One of the 5 C's of credit that shows a person's willingness to pay is
a)
capital
b)
collateral
c)
character
d)
capacity
5.
This is a fee that some, but not all, credit card issuers charge to use their credit card.
a)
APR
b)
annual fee
c)
monthly fee
d)
non-sufficient funds fee
6.
The amount you must pay on a credit card, based on a percentage of the outstanding balance.
a)
minimum fee
b)
minimum payment
c)
monthly statement
d)
minimum monthly interest charge
7.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
8.
Which one is considered a danger of using a credit card
a)
no cash needed
b)
leads to overspending
c)
convenient
d)
earns rewards
9.
A plastic card that you use to access a line of pre-established credit is called:
a)
debit card
b)
credit card
c)
visa
d)
mastercard
10.
Your credit score is not configured off of which of the following:
a)
Payment history
b)
Amount owed
c)
Where you live
d)
Length of credit history
11.
One of the 5 C's of credit that shows one's ability to pay is
a)
capital
b)
collateral
c)
character
d)
capacity
12.
To build a good credit history, you should
a)
open as much credit as possible quickly
b)
use the maximum credit allowed on all your credit cards
c)
pay on time and as much of your balance as possible
d)
all of these
13.
Over time, people who pay off their credit card balance in full every month will pay less in interest on their credit card.
a)
true
b)
false
14.
One of the 5 C's of credit that refers to property that secures the loan is
a)
capital
b)
collateral
c)
character
d)
capacity
15.
What does APR stand for?
a)
American Peoples Reports
b)
Annual Progress Report
c)
American Percentage Rate
d)
Annual Percentage Rate
16.
What is credit?
a)
Free money
b)
Borrowed money
c)
Standard of living
d)
A term that causes tears
17.
How is credit used?
a)
Employers may check job applicants' credit.
b)
Before renting an apartment, the landlord will check the prospective tenant's credit.
c)
If you apply for a cell phone or credit card, your credit will be checked.
d)
All of these are correct, these are only some of the ways credit can be used.
18.
What is a credit score?
a)
A credit score is a three-digit numerical rating that reflects how likely you are to fail at paying your debts
b)
A five-digit numerical rating that reflects how likely you are to repay your debt.
c)
A three-digit numerical rating that reflects how likely you are to repay your debt.
d)
A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
19.
What financial habits determine your credit score?
a)
Payment History & Amount you owe
b)
Length of credit history & Amount of new credit applied for recently
c)
Types of credit open
d)
All of these are correct
20.
What are the three major Credit Reporting Agencies (CRAs)?
a)
Equifax
b)
TransUnion
c)
Experian
d)
All of these are correct
21.
EXTRA CREDIT QUESTION
How much does Mrs.Cromer owe on her home equity line?
How much does Mrs.Cromer owe on her home equity line?
a)
$75,000
b)
$50,000
c)
$60,000
d)
$0
22.
EXTRA CREDIT QUESTION
How many credit cards does Mrs.Cromer have?
How many credit cards does Mrs.Cromer have?
a)
1
b)
2
c)
3
d)
4
23.
EXTRA CREDIT QUESTION
How mamy credit cards does Mrs.Cromer have "on ice" in her freezer?
How mamy credit cards does Mrs.Cromer have "on ice" in her freezer?
a)
1
b)
2
c)
3
d)
4
24.
EXTRA CREDIT QUESTION
What is Hatties middle name?
What is Hatties middle name?
a)
Bryn
b)
Carter
c)
Love
d)
Anderson
25.
EXTRA CREDIT QUESTION
What breed is Mrs.Cromers dog?
What breed is Mrs.Cromers dog?
a)
Hanging Tree Sheep Dog
b)
HangingTree Horse Dog
c)
Hanging Tree Goat Dog
d)
HangingTree Cow Dog
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