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WorksheetsUnit 3-Credit
Total questions: 19
Worksheet time: 6mins
Name
Class
Date
1.
This type of card requires payment in full each month
a)
Credit
b)
Charge
c)
Debit
d)
Store
2.
This type of card adds interest to your purchases, if not paid off every month
a)
Credit
b)
Charge
c)
Debit
d)
Store
3.
A typical credit card that gives you money back after you make a payment is considered this type of account
a)
Installment
b)
Revolving
c)
Consolidated
d)
Single Payment
4.
When the same payment is made every month, and interest has been predermined, this type of account is being used
a)
Installment
b)
Revolving
c)
Consolidated
d)
Single Payment
5.
When mulitple loans are put together and paid as one single payment, this type of account is being used.
a)
Installment
b)
Revolving
c)
Consolidated
d)
Single Payment
6.
This type of payment cannot be avoided, even when declaring bankruptcy
a)
Credit Card
b)
Mortgage
c)
Student Loan
d)
Business Loan
7.
The original amount of the loan is called this
a)
Interest
b)
Principal
c)
Credit
d)
Debit
8.
The 20-10 Rule suggests that your monthly payment should be no more than this percent of your monthly net income
a)
0.2
b)
0.1
c)
0.3
d)
0.05
9.
A loan that requires collateral is called this
a)
Unsecured
b)
Secured
c)
Consolidated
d)
Revolving
10.
Interest that is calculated as a percent for the entire year is called this
a)
APR
b)
Simple
c)
S&L
d)
Principal
11.
This institution offers the most flexible credit options
a)
Banks
b)
Credit Unions
c)
Savings & Loans
d)
Loan Sharks
12.
This is a type(s) of loan you should try to avoid
a)
Revolving
b)
Payday Loan
c)
Consumer Finance Company
d)
Credit card cash advance
13.
This is a benefit(s) of using a credit card
a)
Convenience
b)
Safety
c)
Bonuses
d)
Interest
14.
When making payment for a credit card, minimum payments usually cover this much principal
a)
1% or less
b)
2-5%
c)
5-8%
d)
10+%
15.
Which of the following is NOT one of the 4 C's of credit for an individual
a)
Capacity
b)
Character
c)
Collateral
d)
Conditions
e)
Capital
16.
Which factor makes up the largest part of your credit score
a)
Payment Amounts
b)
Payment History
c)
Length of Credit
d)
New Credit
e)
Types of Credit
17.
Which method is the most expensive way to pay off debt
a)
Avalanche
b)
Snowball
c)
Sleet
d)
Bomb Cyclone
18.
The lowest FICO score you can have is this
a)
100
b)
200
c)
300
d)
400
19.
The highest FICO score you can have is this
a)
650
b)
750
c)
850
d)
950
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