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Credit Quiz

Total questions: 35

Worksheet time: 9hrs 45mins

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.
This is a fee that some, but not all, credit card issuers charge to use their credit card.
a)
APR
b)
annual fee
c)
monthly fee
d)
non-sufficient funds fee
6.
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
7.
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
8.
Which one is considered a danger of using a credit card
a)
no cash needed
b)
leads to overspending
c)
convenient
d)
earns rewards
9.
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
10.
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
11.
One of the 5 C's of credit that shows one's ability to pay is
a)
capital
b)
collateral
c)
character
d)
capacity
12.
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
13.
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
14.
One of the 5 C's of credit that refers to property that secures the loan is
a)
capital
b)
collateral
c)
character
d)
capacity
15.
What does APR stand for?
a)
American Peoples Reports
b)
Annual Progress Report
c)
American Percentage Rate
d)
Annual Percentage Rate
16.
What is credit?
a)
Free money
b)
Borrowed money
c)
Standard of living
d)
A term that causes tears
17.
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. 
18.
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
19.
What financial habits determine your credit score?
a)
Payment History & Amount you owe 
b)
Length of credit history & Amount of new credit applied for recently
c)
Types of credit open
d)
All of these are correct
20.
What are the three major Credit Reporting Agencies (CRAs)?  
a)
Equifax
b)
TransUnion
c)
Experian
d)
All of these are correct
21.
It is best to pay more than the minimum due on your credit card.
a)
True
b)
False
22.
It would be best to have a high credit score
a)
True
b)
False
23.
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
a)
American Express
b)
Chase Sapphire
c)
Neither
d)
All of the above
24.
Routinely paying my bills late could negatively affect my credit history.
a)
True
b)
False
25.

Which of the following is considered to be open-ended?

a)

Department store charge cards.

b)

A personal loan without assets to cover the loan amount.

c)

a collateralized loan.

26.

When a person declares bankruptcy that fact will appear on the person's credit report for ??

a)

3 years

b)

10 years

c)

Does not appear on report

27.

What is meant by an uncollateralized loan

a)

Notify the credit card companies in order to negotiate a new payment plan.

b)

Something of value that secures a loan to protect the lender

c)

A personal loan without assets to cover the loan amount.

28.

A person has three credit cards is unable to make payments on any of them. Which action should the person take?

a)

Notify the credit card companies in order to negotiate a new payment plan.

b)

Cut up the card, put parts in different garbage bags,

c)

It is irresponsible use of credit because his current income is too low

29.

When a person brings an item to a pawnshop to obtain cash, the transaction is considered

a)

Debt

b)

a collateralized loan.

c)

The co-signer will be held responsible for the repayment of the entire loan plus fees or penalties.

30.

Claire wants to cancel her USA credit card. The best method is to dispose of her USA credit card is to:

a)

Cut up the card, put parts in different garbage bags, and instruct the credit card company in writing or by phone to close the account

b)

Cut up the card, put parts in different garbage bags

c)

Get a co-signer who will be held responsible for the repayment of the entire loan plus fees or penalties.

31.

If you have been denied credit, a job, a license, an insurance policy, or a loan based on your credit report. You are entitled to receive a free copy of that credit report within how many days of denial?

a)

30 days

b)

5 days

c)

60 days

32.

Sharon is 20 years old. She has one gas, two bank, and two department store credit cards. Her application for another credit card has been declined. The probable reason is:

a)

The total amount she can charge on her cards is more than her ability to repay

b)

she pays the complete balance each month.

c)

She is extremely careful about disclosing account information to unsolicited callers.

33.

Dawn graduated from high school and wants to get a credit card. How can Dawn establish credit-worthiness?

a)

Opening a checking account, making regular deposits, and avoiding penalties for insufficient funds

b)

Be extremely careful about disclosing account information

c)

The Truth in Lending Act of 1968

34.

The Truth in Lending Act of 1968 requires creditors to:

a)

Have a credit history that can help you obtain a job, or a loan.

b)

State the monthly finance charge and the Annual Percentage Rate on the monthly statement

c)

pay the complete balance each month.

35.

You are behind on your debt payments and go to a Consumer Credit Counseling Service. How can they help you?

a)

They can work with those who loaned you money to set up a repayment schedule you can afford to make.

b)

Get a collateralized loan

c)

Find a open-ended Department store charge card.

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