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Credit

Total questions: 36

Worksheet time: 18mins

Name
Class
Date
1.
a person's regular income is referred to as:
a)
character
b)
capital
c)
collateral
d)
capacity
2.
a credit card issued by a credit union would be an example of a___ card
a)
bank
b)
travel
c)
store
d)
proprietary
3.
comparing the APR among several credit cards allows you to obtain the:
a)
lowest grace period
b)
lowest annual fee
c)
lowest interest rate
d)
prettiest card
4.
Paying your bills on time shows which of the three Cs?
a)
character
b)
capital
c)
capacity
5.
Having a steady job is an example of:
a)
character
b)
capital
c)
capacity
6.
Having a savings account is an example of:
a)
character
b)
capital
c)
capacity
7.
What is one way to not build a good credit history?
a)
pay bills on time
b)
make regular desposits in your savings account
c)
have a steady work record
d)
pay all of your bills late
8.
a monthly payment on a car loan is considered what type of credit?
a)
installment
b)
single-payment
c)
revolving
9.
paying for a jacket with a credit card is considered what type of credit?
a)
installment
b)
single-payment
c)
revolving
10.
a monthly telephone bill is considered what type of credit?
a)
installment
b)
single-payment
c)
revolving
11.
what should you do if you see something wrong on your credit report?
a)
cry
b)
call the company
c)
shred it
d)
do nothing
12.
what can a person do to help increase their credit score?
a)
use only a small percentage of your credit limit
b)
open a savings account
c)
charge all expenses to the same credit card
d)
don’t
13.
which of the following actions can NEGATIVELY impact your credit score?
a)
you use a small amount of available credit
b)
you pay bills in cash
c)
you make late payments on all your credit card bills
14.
which of the following influences your credit score MOST?
a)
types of credit used
b)
amount owed
c)
payment history
d)
length of credit history
15.
which of the following is NOT a credit reporting agency?
a)
Federal Reserve
b)
Equifax
c)
Experian
d)
TransUnion
16.
Having a credit score is important because:
a)
can impact how much you'll pay for college
b)
can impact how much you'll pay the government in taxes
c)
can impact your elibility for bank loans
d)
can impact your ability to get a driver's license
17.
Which of the following things cannot be done with debit card but can be done with credit card?
a)
go into debt
b)
rent a car
c)
purchase something online
d)
purchase an airline ticket
18.
A credit score is intended to measure:
a)
your financial success
b)
the risk of your not repaying debt
c)
your income level
d)
the amount of money you have to bank
19.
A visa card is an example of a(n)
a)
revolving credit account
b)
credit advance account
c)
APR
d)
subprime cards
20.
What Act prohibits credit grantors from discriminating against consumers on basis of sex, race, age, etc.?
a)
Truth in Lending Act
b)
Equal Credit Opportunity Act
c)
Fair Creidt Reporting Act
d)
Fair Debt Collection Practices Act
21.
If you earn $5,000 a month after taxes, you can afford to borrow how much?
a)
500
b)
1000
c)
12000
d)
2400
22.
an example of a secured loan would be
a)
Visa Card
b)
a pawn loan
c)
a personal loan
d)
a student loan
23.

Which of the following is NOT one of the THREE types of credit card?

a)

General purpose cards

b)

American Express

c)

Store Cards

d)

Travel & Entertainment cards

24.

Which of the following is NOT a typical type of credit?

a)

Mortgage

b)

Credit Card

c)

Auto loan

d)

Pre-paid Debit Card

25.

How do you avoid paying interest on your credit card (or any other loan for that matter)?

a)

Always make the minimum payment over time

b)

Always make the full payment on time

c)

Pay interest 1st, then pay what you can on leftover balance

d)

Pay the principal 1st, then pay what you can on interest

26.

A shorter auto loan term means ____ monthly payments & ____ total interest you'll pay.

a)

higher, less

b)

higher, more

c)

lower, more

d)

lower, less

27.

How are credit cards and debit cards different?

a)

They're both linked to a checking account in different ways

b)

With a credit card, you are borrowing from yourself

c)

Some debit cards say VISA on them; credit cards don't

d)

A credit card can offer perks such as purchase protection

28.

Which of the following is TRUE about finding errors on your credit report?

a)

You may have to file a dispute with each credit bureau

b)

You should wait until the end of the month before reporting

c)

Finding errors is common & is not a big deal

d)

Overlooked errors may result in you paying a fine

29.

How are a credit score and credit report related?

a)

a credit report is determined by the factors in your score

b)

credit reports are less important than your credit score

c)

a credit score is determined by the factors in your report

d)

They're not related at all

30.

using the debt snowball method, you make...

a)

minimum payments on all your loans

b)

minimum payments on small loans; pay extra on large loans

c)

one large payment on one loan

d)

minimum payments on large loans; pay extra on small loans

31.

Using the Avalanche Method, you...

a)

pay off all your loans in the least amount of time

b)

put extra money towards loans with the highest interest rate

c)

put extra money towards loans with the lowest interest rate

d)

make one large payment on the loan with the highest rate

32.

All of the following may access your credit report EXCEPT...

a)

a landlord

b)

colleges and universities

c)

a future employer

d)

insurance companies

33.

all of these are red flags that someone is likely a scammer EXCEPT...

a)

they have an urgent need for money

b)

they threaten to report you to law enforcement authorities

c)

they ask you for personal or financial information

d)

they respond to an inquiry you made regarding your bank account

34.

All of these are common ways credit card information is stolen EXCEPT…

a)

Phishing emails requesting personal information

b)

A data leak revealing your personal information

c)

Accessing your bank account on a public wi-fi network

d)

Scammers calling your bank pretending to be you

35.

What should you do FIRST if you suspect your personal information has been compromised?

a)

File an identity theft report with the FTC

b)

Shred all of your credit cards

c)

Close all of your bank accounts

d)

Go back to the last store you visited and look for clues

36.

All of these are potential outcomes of identity theft EXCEPT…

a)

A new loan could be taken out in your name

b)

You might find it more difficult to obtain insurance

c)

Someone pretending to be you could go to your workplace and replace you

d)

Someone could access your bank account and withdraw your funds

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