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WorksheetsCredit Test
Total questions: 36
Worksheet time: 18mins
Which type of loan below would be considered an Installment Plan? (Hint: Installment plans have a set payment every month until they hit $0)
A car loan that will expire after all payments are made
A Home Depot credit card that gives you a $5,000 limit and doesn't expire
A Visa gift card with a set amount of $100
Taxes on goods and services
Which one of the places below would be a good example of a Credit Institution?
Chic Fil A
The local shell gas station
Bank of America
The State of Texas
How many numbers will someone's credit score be?
3 numbers
5 numbers
1 number
2 numbers
John has an excellent credit score. He pays his bills on time and has very little debt. Which credit score below would be considered an excellent credit score?
400
150
800
550
What are some negative consequences of having a low credit score?
Your interest rates on loans or credit cards will be higher and getting a loan will be harder
Your interest rates will be lower
No one will loan you money
Getting a loan will be easier
Where can you find your credit score along with a "book report" on all of your credit history?
Your Credit Report which can be accessed through several websites
Your local bank will tell you
A Visa Credit card report
In your Iphone settings
What is an APR?
the percentage rate you owe annually on a loan
The date which your last payment on the loan is due
The day the baby will be born
The amount of money you will receive for the loan
which statement below best describes an Annual Percentage Rate?
It always shows up in the form of a decimal
It is the annual fee a financial institution will charge you for borrowing money
It is the upfront downpayment you have to pay for buying a car
It is free money the bank will give you for being a customer
If John has an Annual Percentage Rate of 25% on his Visa card, how might he be able to find out his monthly percentage rate?
he needs to divide 25% by 12 months
He needs to multiply the percentage rate times the amount of money he owes
he needs to divide the money he owes by 12 months
he needs a hobby
How do credit cards make money off of their customers?
they charge you a fee for borrowing their money called an annual percentage rate
They charge everyone a $50 application fee
They give their customers free money to use their services
Credit card companies charge a one time fee of $100 to use their money
Where can someone find their credit score?
Their bank account app
The local grocery store
On their credit report from somewhere like Credit Karma
Their local post office
Which card attaches to someones bank account?
Debit Card
Credit Card
Credit Report
Home Depot Credit Card
Which card will charge you interest?
Credit Card
Debit Card
Library Card
Costco membership card
When talking about Credit Vocabulary, which below describes someone's credit limit?
The amount of money a credit company will give you to spend
The amount of money in your bank account
the amount of interest charged to your credit card
The amount of time you own a debit card
What is one thing that can happen if you make payments late on your credit card?
The bank can charge you a late fee
The bank will give you more money
You will get a better interest rate
The bank will raise your credit limit
What does APR stand for?
Annual Percentage Rate
Annual Park Research
Annual Pony Races
Annual Credit Limit
Which below best describes what interest is?
The amount of money a bank will loan you
The amount of money you have for a credit limit
A fee you will be charged for borrowing money
The length of time a bank will give you a loan
What are the two things banks will check about you before giving you a loan or a credit card?
How much money you make and your credit score
What pets you own and how much money you make
your hobbies and likes
What school you go to and what job you have
Which card will get declined if you don't have enough money in your bank account to cover it?
Debit Card
Credit Card
Library Card
Auto Zone Card
What is the fee that banks charge you to borrow their money?
Interest also known as your APR
AZR
Credit Limit
Monthly Cost
Which below is considered the excellent range when it comes to credit scores?
600-650
550-600
720-850
0-300
Which is the correct formula when trying to find the monthly percentage from an APR?
Divide APR by 12 months
Multiply APR by 1.5%
Divide the credit limit by the APR
What is the P in APR stand for?
P is the percentage Interest rate cost on your loan or car
P is the amount of time the loan is given for
P is the total Interest cost associated with the loan
P is the amount of money you owe on the loan
Which types of loans usually have low APR rates?
Car and House loans
Retail credit cards
Boat or Hobby Lobby loans
Best Buy and Home Depot cards
Which is the correct FICO credit score scale?
0-500
500-1000
300-850
1-2000
Your credit score will follow you the rest of your life and effect you financially
True
False
If you pay your bills on time and you never miss a payment, your credit score will go up slowly over time.
True
False
Credit by definition is borrowing money with the intent to pay it back with interest fees
True
False
Why do Debit Cards never have interest fees attached to them?
Debit cards are tied to your money which you did not borrow.
Debit Cards always have interest fees
A Debit Card is the same thing as a Credit Card
Debit Cards are borrowed money in which you owe the bank
At which age is someone considered an "adult" and can start borrowing loans and credit legally?
18
12
17
50
Jordan's truck breaks down and he needs new parts for his engine. He needs a loan for the money. Which place below could he go to get a personal loan for the money?
Bank of America
Home Depot
Shell Gas station
Comal ISD credit services
Joleen has a credit score of 820. She works as a lawyer in San Antonio. She applies for a credit card through Costco. How likely is it she gets approved for that credit card?
Very likely. Her credit score is high
She will for sure get declined
How often should someone pull their credit report to check for fraud?
Once a year
Every 3 years
Once a day
Once a week
Which scale below is the accurate credit score system?
300-850
1-900
400-700
0-500
Which type of loan below would usually have a lower overall APR?
A short term personal loan
An HEB gift card
Credit Card from Best Buy
Loan for a House
Which information below would normally be found on a Credit Report?
All purchases you've made with your debit card
Current place of Employment along with Credit Score info.
Which hobbies you currently enjoy
All companies you've interviewed with
