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Credit 32-46

Total questions: 25

Worksheet time: 2hrs 1mins

Name
Class
Date
1.
The companies that collect and maintain consumer credit information. 
a)
credit union
b)
credit reporting agency
c)
credit card company
d)
credit city
2.
Which is an act of identity theft?
a)
Receiving permission to use a parents’ credit card for school clothes
b)
Wrongfully acquiring and using someone’s personal identification
c)
Taking the identity of another individual as inspiration for a costume
d)
Having the same name as another person
3.
This type of credit is also known as closed-ended credit.
a)
Revolving credit
b)
installment credit
c)
cash loans
d)
service credit
4.

With this type of loan, 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 loan

c)

cash loans

d)

service credit

5.
Interest is:
a)
a charge for lending money
b)
the amount owed for borrowing money
c)
the amount added into your savings account when opening a bank account
d)
a charge for convenience of accessing money in your bank
6.
Maximum dollar amount loaned
a)
Credit Total
b)
Max of Credit
c)
Credit Limit
d)
Credit APR
7.
Charged when a cardholder does not make the minimum monthly payment by the due date
a)
Late- payment fee
b)
Late- payment reward
c)
Overtime Fee
d)
Payment Penlty
8.
What are the three major Credit Reporting Agencies (CRAs)?  
a)
Equifax
b)
TransUnion
c)
Experian
d)
All of these are correct
9.
The amount you must pay on a credit card, based on a percentage of the outstanding balance.
a)
minimum fee
b)
minimum payment
c)
monthly statement
d)
minimum monthly interest charge
10.

What is one characteristic of open-end credit?

a)

A down payment must be made before receiving the loan

b)

Individuals are allowed to borrow an unlimited amount of money as long as they pay it back

c)

Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired

d)

Payments are equal and are required on a regular basis

11.

Revolving credit is...

a)

a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments are made on time.

b)

a type of credit that can be used only once up to a certain limit and must be closed immediately after all payments are due

c)

a spinning door with money in it

d)

a round device that holds credit cards and spins, making it easy to shuffle through all your credit cards quickly

12.

An amount of credit extended to a borrower. For example, you may be able to charge from $1- $500 where $500 is your credit limit.

a)

Grace period

b)

Line of credit

c)

Mortgage loan

d)

Cash loan

13.
Broken up companies have to sell their assets
a)
Claims
b)
Chapter 7
c)
Bankruptcy
d)
Liquidation
14.
in bankruptcy, a mandatory sale of assets to pay debts
a)
liquidation
b)
dischargeable debt
c)
Bankruptcy Code
d)
secured claim
15.

A legal claim on a borrower's property by a creditor who is owed money

a)

foreclosure

b)

lien

c)

collateral

d)

credit

16.
Your credit score falls between what range?
a)
300 - 800
b)
300 - 850
c)
350 - 800
d)
350 - 850
17.
The 3 credit bureaus that determine your FICO score are:
a)
Equifax, Transunion, and Experian
b)
Transamerican, Equality, Experience
c)
Transparcel, Equin, Faxqui
d)
Crederian, Equiunion, Experfax
18.
A credit score of 800 is considered _____
a)
Poor
b)
Fair
c)
Good
d)
Amazing
19.

If someone has a score of 400, how is their credit?

a)

Excellent

b)

Great

c)

Good

d)

Very Poor

20.
A special loan used to purchase homes.
a)
Mortgage
b)
Herbage
c)
SBA Loan
d)
Car Loan
21.
process of taking possession of a mortgaged property as a result of the mortgagor's failure to pay
a)
foreclosure
b)
appreciation
c)
escrow
22.
estimation of a home's market value by a licensed APPRAISER. Based on comparable recent sales of homes in the neighborhood
a)
home appraisal
b)
home inspection
c)
home title
23.
When a person declares bankruptcy that fact will appear on the person?s credit report
a)
A.  for a 3 year period.
b)
B.  for a 10 year period.
c)
C.  until the person repays all debts owed.
d)
D.  until the person is able to receive a new credit card.
24.

Spending more than you make

a)

Overspending

b)

Guilt

c)

Management by crisis

d)

Late fee

25.

Having possession of something

a)

Ownership

b)

Overspending

c)

Returns

d)

Investment

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