WorksheetsUnit 3 Review #2
Total questions: 15
Worksheet time: 7mins
Only the information found in your credit report is found in your credit score.
True
False
Which of the following actions can NEGATIVELY impact your credit score?
You forgot to pay the cable bill
You pay all your bills in cash
You disputed an item on your credit report
You use a small amount of your available credit
How many free credit reports are you legally entitled to every 12 months?
One total
One from each credit bureau
Three total
Three from each credit bureau
Lenders want to know how likely you are to pay them back. AKA: what level of ________ you are.
Lender
Buyer
Age
Risk
One’s credit score will impact their ability to open a checking account.
True
False
A secured loan refers to the amount of time you have to repay it.
True
False
As long as both parties agree to it, there is NO maximum interest rate in Wisconsin.
True
False
Which of the following are NOT examples of using credit? Select all that apply.
Debit card
Credit card
Gift card
Charge card
Which of the following is a one-time loan which the borrower must repay the amount in a specified equal number of payments?
Installment
One-ended
Open-ended
Revolving
Which of the following actions would IMPROVE your credit score?
Closing out old credit cards
Opening a new savings account
Paying off your credit card bill
Using a large portion of your credit limit
Which of the following statements about credit scores is TRUE?
Credit scores range from 300 to 850
Credit scores reflect how likely individuals are to repay their debts
Each person has three credit scores
All options given are true
Which of the following is NOT a common credit card reward?
Points
Cash back
Frequent flier miles
Tallies
Which of the following is an example of a non-installment loan?
Car payment
Mortgage
Retail credit card
Student loan
Having a low credit score can make it more difficult to:
Obtain a car loan
Open a new credit card
Secure an apartment lease
All options given are correct
Which of the following is the time period for which a loan is repaid?
Annual period
Grace period
Principle
Term
