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WorksheetsMoney Matters Credit Quiz
Total questions: 20
Worksheet time: 10mins
An account in which the buyer pays according to a set schedule of payments is
cash loan
credit rating
installment account
revolving charge account
The actual rate of interest charged on a yearly basis is
interest
annual percentage rate
finance charges
collateral
The total amount a borrower must pay for the use of credit
finance charges
credit agreement
installment account
cash loan
Benefits of credit cards include:
safe and convenient, bonuses are offered
allows you to build a positive credit report
needed for reservations and online shopping
all of these
Benefits of credit cards include:
safe and convenient, bonuses are offered
allows you to build a positive credit report
needed for reservations and online shopping
all of these
Which one is considered a danger of using a credit card
no cash needed
leads to overspending
convenient
earns rewards
Which one is considered a danger of using a credit card
no cash needed
leads to overspending
convenient
earns rewards
The amount charged if your payment is received after the billing due date.
late payment fee
use fee
interest fee
loser fee
Your credit score impacts your car loan rates.
True
False
What is the best way to improve your credit score?
Make credit card payments on time.
Apply for more cards.
Apply only for Visa cards.
All of the options are true.
Which of the following can be a source of credit?
Credit Card Company
Private Mortgage Company
Depository Institution (Bank)
All of the Above
When you borrow you are using future income.
True
False
A good reason to use credit instead of cash is having interest rates on your purchase.
True
False
Examples of closed-end credit include all of the following except:
mortgage
automobile loan
credit card
student loan
Alternate credit sources usually have lower interest rates than standard credit sources.
True
False
Short-term loan that provides immediate cash by securing a borrower's written check or automatic withdrawal for.
Rent-to-Own
Credit Card
Payday Loan
Refund Anticipation Loan
A potential creditor usually checks your credit report when you apply for standard type of credit.
True
False
You do not need to evaluate a contract before you sign it.
True
False
