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Financial Literacy- Consumer Credit

Total questions: 30

Worksheet time: 29mins

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.
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
6.
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
7.
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
8.
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
9.
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
10.
What does APR stand for?
a)
American Peoples Reports
b)
Annual Progress Report
c)
American Percentage Rate
d)
Annual Percentage Rate
11.
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. 
12.
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
13.
What is your job as a borrower?
a)
To pay back your loans promptly
b)
To borrow as much as humanly possible
c)
Spend your loans and not pay them back
14.
What are the three major Credit Reporting Agencies (CRAs)?  
a)
Equifax
b)
TransUnion
c)
Experian
d)
All of these are correct
15.
What type of credit is a credit card?
a)
Single-Payment
b)
Installment Credit
c)
Revolving Credit
16.

What is the most important rule of using credit cards?

a)

Don't use them, they are evil

b)

Always pay them in full and on-time

c)

Don't pay more than the minimum payment

d)

Find a card with a good rewards program

17.

Where can you find how much money this person is paying in interest for the current period on the sample statement?

a)

Section 1

b)

Section 2

c)

Section 3

d)

Section 5

18.

Where can you find how much money this person has paid in interest for the current year on the statement?

a)

Section 7

b)

Section 8

c)

Section 9

d)

Section 10

19.

What section can you use to find the fees this person had to pay?

a)

Section 7

b)

Section 8

c)

Section 9

d)

Section 10

20.

How long will it take to pay off the current balance of this credit card making just the minimum payments?

a)

1 year

b)

2 months

c)

10 years

d)

Never

21.
Transferring debt from one credit card to another to known as:
a)
Penalty APR
b)
Balance Transfer
c)
Credit Limit
d)
Over the limit fee
22.
Sarah will turn 18 next month. She plans to apply for a credit card. Which statement is true?
a)
Sarah cannot obtain a credit card until she turns 21.
b)
Sarah will need to use a special application since she is under 25.
c)
Sarah can only obtain a credit card if she has a co-signer or proof of sufficient income to make the required payments. 
d)
Sarah can obtain a credit card by filling out an application as long as she waits until after her 18th birthday. 
23.
Paying the minimum payment on a credit card every month will:
a)
Pay a large percentage of the total balance owed every month
b)
Make the final amount paid substantially higher than the amount initially charged to the card
c)
help the cardholder create a plan for paying of a credit card in a decent amount of time
d)
allow the cardholder to avoid paying any interest charges 
24.
With this type of credit, the entire loan amount is paid to you at once.  Then, you repay the loan, with interest, in a set number of equal payments by a specific payoff date.
a)
Revolving credit
b)
installment credit
c)
cash loans
d)
service credit
25.

You report errors on your credit report to the

a)

government

b)

credit card company

c)

bank

d)

three credit bureaus

26.

The court may order __________ to set aside a portion of a debtor's pay for creditors.

a)

a lien

b)

bankruptcy

c)

garnishment

d)

a credit trap

27.

Subprime credit cards are offered to __________ .

a)

low-income individuals

b)

students

c)

people with a good credit rating

d)

People with a poor credit history

28.

After identity theft, the victim must _________ .

a)

have his or her income garnished

b)

reestablish credit

c)

file for bankruptcy

d)

purchase insurance

29.

Phishing is _________ .

a)

a technique used by debt collectors

b)

the loss or theft of your wallet

c)

a method of improving your credit score

d)

a crime committed online that gathers your personal information

30.

____________ credit is used to acquire more expensive items, such as cars, homes, and student loans.

a)

open-end

b)

closed-end

c)

commercial

d)

unsecured

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