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Credit Review

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.
How can a young adult build a credit rating?
a)

Charge card

b)

Savings account 

c)

Cell phone account 

d)

All of the above 

2.
What is a lease?
a)

A contract guaranteeing the sale of a property

b)

A contract guaranteeing that the landlord will make rent payments

c)

A legal contract granting use of an apartment for a set period of time 

3.
Who is the landlord of a property?
a)

The individual that rents the apartment 

b)

The individual that helps to find the property

c)

The individual that receives payments for renting an apartment

4.
Who is the tenant of a property?
a)

The individual who is renting the apartment

b)

The individual that helps to find the property 

c)

The individual who is offering the apartment for rent

5.
Who is responsible for damages caused by the renters of an apartment?
a)

Tenant

b)

Landlord

c)

The Insurance Company

6.
Your rent includes all utilities. The cost of utilities is $120.00 a month and your rent is $650.00. What is the total cost to the lessee per month?
a)

$120.00

b)

$650.00

c)

$770.00

7.
Why is a background check necessary for renting?
a)

To check a person’s credit rating

b)

To know a person’s work history

c)

To check a person’s financial stability

d)

All of the above

8.
A monthly budget should include a portion of your salary to go into savings for emergencies.
a)

True

b)

False

9.
Why is it best to keep your money in a bank account? 
a)

It is not important to keep money in a bank

b)

Money in a bank account is insured by the federal government.

c)

Banks cannot be trusted and should not be given money to save. 

10.
What are the benefits of having a banking account?
a)
ATM card
b)
Online bill pay
c)
Access to bank statements to track money 
d)
All of the above
11.
Which of the following allows a person to buy goods and services now and pay for them later?
a)
Credit
b)
Interest
c)
Collateral
d)
Credit Rating
12.
The price paid for the use of money over a period of time is _______________?
a)
Credit
b)
Interest
c)
Collateral
d)
Credit Rating
13.
Something of value held by the creditor in case a person is unable to repay the loan is called _______________?
a)
Credit
b)
Interest
c)
Collateral
d)
Credit Rating
14.
A creditor’s evaluation of a person’s willingness and ability to pay debts is called _______________?
a)
Credit
b)
Interest
c)
Collateral
d)
Credit Rating
15.
The actual rate of interest charged on a yearly basis is called _______________?
a)
Creditor
b)
Collateral
c)
Co-signer
d)
Annual Percentage Rate (APR)
16.
When an individual is legally unable to pay his/her debt, he/she may file for _______________.
a)
Creditor
b)
Collateral
c)
Bankruptcy
d)
Annual Percentage Rate (APR)
17.
When creditors want to know if a person is a good credit risk, they may look to see if that person _______________
a)
makes regular payments.
b)
owns a car, home, stocks, or bonds.
c)
has lived in the same community for a period of time.
d)
All of the above
18.
The number of days allowed to pay for a purchase before interest is charged is called a:
a)
credit period 
b)
collateral period
c)
repayment period
19.
Most negative information usually stays on your credit report for _______________years.
a)
2
b)
5
c)
7
d)
18+
20.
Businesses or individuals that make credit available to consumers by loaning money or selling goods and services to them are called _______________?
a)
creditors
b)
collateral
c)
co-signers
d)
annual percentage rate (APR)

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