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WorksheetsCredit Unit Review
Total questions: 30
Worksheet time: 20mins
Which of the following details would NOT be included in a Schumer Box?
APR
Late Penalty Fees
Balance Transfer Fees
Credit Score
What does APR stand for?
Annual Percentage Rate
Accelerated Points Rate
Annual Points Rate
Accelerated Percentage Rate
Which one of the following is NOT a credit reporting company?
TransUnion
Experian
Equifax
Credit Karma
You have NO power to change your credit report if it's incorrect.
True
False
What is the smallest amount you MUST pay towards your credit card balance each month?
Current balance
Total due
Interest accrued
Minimum payment
What is a 3 digit number, between 300-850, that summarizes your credit worthiness?
APR
Credit Score
Minimum Payment
SAT Score
Which of the following does NOT affect your credit score?
Your Age
Payment History
Use of Credit
Length of Credit History
If you co-sign on a friend's car loan, what is the danger to you if your friend fails to make her car payment?
You might get secured credit
Your credit score might go down
Your credit score might go up
You might have to pay extra money in taxes
Paying off your credit card balance each month will help improve your credit score
True
False
A debit card has a line of credit.
True
False
To protect yourself from identity theft?
Shred personal documents
Freeze your credit with the credit bureaus
Never share personal data when using public Wifi
All of the above
Acquiring personal information (usernames, passwords, credit card details, etc.) by pretending to be a trustworthy entity in an e-mail is called?
Smishing
Validating
Phishing
None of the above
Using the "Snowball" method for paying off debt, after making the minimum payment on all your credit cards you would pay any additional money you had to:
The card with the lowest balance
The card with the highest rate.
The card with the best rewards.
The card you got last.
Using the "High rate" method for paying off debt, after making the minimum payment on all your credit cards you would pay any additional money you had to:
The card with the lowest balance
The card with the highest interest rate.
The card with the best rewards.
The card you got last.
Which of the following does NOT contribute to your credit score?
Your payment history
Which banks issued your credit cards
Your debt-to-credit ratio
Length of credit history
How are a credit score and credit report related?
A credit report is determined by the factors in your score
A credit score is determined by the factors in your report
Credit reports are less important than your credit score
They're not related at all
Which types of debt usually CANNOT be erased or reduced?
Federal student loans
Credit card debt
Medical bills
None of these types of debt can be erased or reduced
All of the following may access your credit report EXCEPT...
A landlord
A future employer
Colleges and universities
Insurance companies Insurance companies
What range of scores describes people with “good” credit?
350 – 619
620 – 659
660 – 749
750 – 850
What is bankruptcy?
when you cancel a credit card
legal process declaring yourself unable to pay debts
deciding who gets your money when you die
when you make a late payment
The cash received when money is borrowed on a credit card. Typically involve special fees and higher interest rates than when used for purchases.
Cash Advance
Balance
Minimum Payment
Loan
