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Credit Review

Total questions: 25

Worksheet time: 25mins

Name
Class
Date
1.
Which of the following is not considered an advantage of using a credit card?
a)
Credit cards eliminate the need for savings
b)
Credit cards are useful in emergencies
c)
Credit cards consolidate your expense tracking
d)
Credit cards offer protection against fraud
2.
A benefit of comparison shopping for a credit card would be to:
a)
Know the terms and conditions of various cards
b)
Avoid hidden costs
c)
Decrease the cost of borrowing
d)
All of the above
3.
What is a balance transfer?
a)
The act of transferring money from one account to another to pay a credit card balance
b)
The act of withdrawing cash from the ATM using a credit card
c)
The act of transferring a credit card debt from one credit account to another
d)
The act of paying a credit card balance with a check
4.

Which is NOT one of the three credit reporting agencies?

a)

Equifax

b)

Vanguard

c)

Experian

d)

Transunion

5.
What is a safety tip to remember with credit cards?
a)
Throw away all credit card offers without opening them
b)
Keep a list of all cards, account numbers, and phone numbers separate from cards
c)
Leave cards lying around
d)
Open as many credit card accounts as possible to obtain a credit history
6.
Where do credit reporting agencies acquire information regarding a consumer's credit history?
a)
Landlords
b)
Despository Institutions
c)
Cell phone companies
d)
All of the above
7.
Which of the following is not included in an individual's credit report?
a)
Current and past addresses
b)
Employment history
c)
Bankruptcies & Foreclosures
d)
Medical Information
8.

A consumer will develop a positive credit history if they:

a)

Maintain reasonable amounts of unused credit

b)

Pay phone and utility bills on time

c)

Avoid opening too many new accounts

d)

All of the above

9.
When may a person view his/her credit report for free?
a)
At any time and an unlimited number of times
b)
Once a year, from each of the three main credit reporting agencies
c)
A person may not review his/her credit report
d)
If a person has sufficient financial resources
10.

Which of the following statements about payday loans is TRUE?

a)

The average payday loan amount in the US is $1000

b)

The typical term for a payday loan is 5 years

c)

Payday loans do not require a credit check, so they are available to borrowers with bad credit

d)

Payday loans are easy to repay because the lender takes a small portion of every paycheck until the loan is paid off

11.
Who is a lender?
a)
The person looking to borrow money from another with the intent to pay them back
b)
An organization which specializes in collecting money from individuals who have defaulted on loans
c)
The person or organization with the resources to provide the individual with a loan
d)
All of the above
12.
Which of the following would be considered the best credit score?
a)
450
b)
800
c)
850
d)
1050
13.
Which law requires creditors to disclose the annual percentage rate of interest and finance charge in dollars?
a)
Equal Credit Opportunity Act
b)
Truth in Lending Act
c)
Fair Debt Collection Practices Act
d)
Fair Credit Billing Act
14.
The largest factor in the development of your FICO score is
a)
Payment history
b)
Current total debt
c)
Length of credit history
d)
Requests for new credit
15.
The standard student loan repayment schedule is
a)
5 years
b)
10 years
c)
20 years
d)
25 years
16.
Which of the following is an example of a secured loan?
a)
Student Loan
b)
Credit Card
c)
Mortgage
d)
Payday Loan
17.
Sam is carrying a balance on his credit card of $500. The credit limit on the card is $1,500. What is his utilization rate?
a)
0%
b)
3%
c)
33%
d)
50%
18.
I forget to pay my credit card bill one month. How long will that payment information show up on my credit report?
a)
Once I make the payment, it will disappear
b)
One year
c)
Seven years
d)
Forever
19.
This type of bankruptcy is called a wage earners plan. You make payments to the court to pay toward your debt. It stays on your credit report for 7 years.
a)
Chapter 7 Bankruptcy
b)
Chapter 13 Bankruptcy
c)
Chapter 10 Bankruptcy
d)
Chapter 1000 Bankruptcy
20.
Which of the following is not one of the 5 C's of credit?
a)
Calculation
b)
Character
c)
Capital
d)
Conditions
21.
Failure to pay your student loan for more than 270 days
a)
Deferment
b)
Forebearance
c)
Bankruptcy
d)
Default
22.
How can a cardholder avoid paying interest on a credit card?
a)
Pay the minimum each month
b)
Pay the balance in full each month
c)
Only use a credit card for balance transfers
d)
Interest is alwasy paid on a credit card
23.

Samira had some unexpected costs recently and is struggling to make her monthly payments on her federal student loans. Which of the following is the BEST course of action for her to take?

a)

Notify her student loan servicer immediately so she can discuss what options are available to her.

b)

Wait for 270 days so that her loans default. That way, she doesn't have to make any payments.

c)

Declare bankruptcy so that her loans are forgiven.

d)

Miss a payment for this month, but then make sure she makes the next month's payment on time.

24.

Which of the following represents a likely reason for a borrower to take out a payday loan?

a)

A payday lender offers better terms and rates than their credit card.

b)

They do not qualify for a personal loan or credit card due to poor or no credit.

c)

Their paycheck covers all of their monthly bills and they want to go on vacation.

d)

They want to build their credit score by going to store fronts for cash advances.

25.

Which of the following is a key feature of the debt snowball method of paying off debt?

a)

Ranking your debts from largest to smallest debt so you can pay off the largest one first.

b)

Ranking your debts from smallest to largest debt so you can pay off the smallest one first.

c)

Making the minimum payment on all debts and then putting the rest of your money into investments.

d)

Making the minimum payment on all debts and then distributing the remainder between the debts.

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