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WorksheetsCredit
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
Which of the 3 C's of credit is your ability to repay the loan?
a)
Character
b)
Capacity
c)
Collateral
d)
Capital
2.
Anyone one can borrow money from a life insurance company.
a)
True
b)
False
3.
A single-payment loan will still involve paying interest on the loan.
a)
True
b)
False
4.
An unsecured loan is backed by collateral.
a)
True
b)
False
5.
What must you have in order to get a home equity loan?
a)
Car
b)
House
c)
College Education
d)
A dog
6.
What makes up the largest part of your credit score?
a)
Length of credit history
b)
Income
c)
How well you pay off your bills
d)
Types of credit you use
7.
If you file bankruptcy how long will it stay on your credit record?
a)
2 years
b)
5 years
c)
7 years
d)
10 years
8.
The first loan you get is not very important to your credit score.
a)
True
b)
False
9.
What is term for the person who will sign a loan document with you to help you obtain credit?
a)
Capital
b)
Nice Person
c)
Cosigner
d)
Equitor
10.
Which loan type is more common?
a)
Single Payment
b)
Installment
c)
No payment
d)
Character
11.
Student loan debt can always be forgiven or erased if you can't pay it back.
a)
True
b)
False
12.
A simple definition of credit could be stated as...
a)
Buy now, pay now
b)
Buy later, pay later
c)
Buy later, pay now
d)
Buy now, pay later
13.
A creditor is a person who owes you money.
a)
True
b)
False
14.
What is unique about an unsecured loan?
a)
Require no collateral
b)
Require collateral
c)
Interest free
d)
Don't affect your credit score
15.
What is the best interest rate to get on a credit card?
a)
1%
b)
5.6%
c)
30%
d)
0%
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