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Credit Review

Total questions: 52

Worksheet time: 28mins

Name
Class
Date
1.

Which one of these is NOT one of the 3 main Credit Bureaus?

a)

Equifax

b)

Experian

c)

FICO

d)

TransUnion

2.

What is the most important factor of a credit score?

a)

Types of credit

b)

Payment History

c)

Amount of debt

d)

Inquires

3.

The highest FICO score possible is:

a)

1600

b)

1000

c)

850

d)

700

4.

Bankruptcy can stay on your credit report for up to:

a)

2 years

b)

10 years

c)

the rest of your life

d)

it doesn't show up

5.

A high credit score means you will have the highest interest rates when applying for a loan

a)

True

b)

False

6.

Which of these show your credit history?

a)

Credit score

b)

Credit report

c)

Both

7.

Which of the following items can be found on a credit card statement?

a)

Payments made and new charges

b)

Fees and interest charged

c)

Year to date totals and how long it will take you to pay it off w/minimum only

d)

All of these

8.

Which of the following may request your credit report?

a)

Insurance companies

b)

Banks

c)

Your landlord

d)

Al of the above

9.

What does a credit score represent?

a)

The amount of years a person has been paying a loan.

b)

The amount of credit cards a person has.

c)

The credit history of a person.

d)

The amount of money a person has saved.

10.

A high credit score heightens the persons chances of getting a loan.

a)

True

b)

False

11.

Your credit score (FICO score) tells banks this about you:

a)

how many sources of credit you already have

b)

Whether you are a good risk based on if you pay your bills and pay them on time from your past spending history.

c)

If you have ever flaked out on a loan

12.

If you have a credit card you don't use anymore the best thing to do is cancel it.

a)

True. Get rid of that thing!

b)

False. It'll drop your score if you do.

13.

When goods, services, and/or money is received in

exchange for a promise to pay back a definite sum of money at a future date.

a)

tax lien

b)

credit report

c)

credit history

d)

credit

14.
What type of credit is a credit card?
a)
Single-Payment
b)
Installment Credit
c)
Revolving Credit
15.
What does APR mean?
a)
Average Person Ratio
b)
Annual Percentage Rate
c)
Always Poke Robots
d)
Apples Peas & Rice
16.
What is a good way to build credit?
a)
Get a co-signer for a loan
b)
Only use cash
c)
Use checks everywhere
17.
What happens when you don't have enough money to pay for the things you charged?
a)
You end up owing less than the original amount of money you charged.
b)
You end up owing more than the original amount of money you charged.
c)
You end up owing the same amount of money you charged, it just takes a while to pay off.
18.
How do credit card companies make money?
a)
By charging late fees and interest to their customers.
b)
By making you pay an extra dollar on every purchase.
c)
By charging late fees and interest to stores and other businesses.
d)
By earning interest on the money they have saved up.
19.
How is charging a purchase like getting a loan?
a)
You borrow money from your credit provider.
b)
You borrow money from the store in order to pay your credit provider.
c)
You borrow money from an ATM in order to pay your credit provider.
20.
The cost of credit expressed as a yearly interest rate is known as:
a)
Annual Percentage Rate (APR)
b)
Annual Fee
c)
Penalty APR
d)
Introductory Rate
21.
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
22.
How can you avoid paying interest fees on your credit card?
a)
Only use it for groceries
b)
pay off the full balance, on time, each month
c)
you cannot avoid interest fees
d)
only use Discover
23.
The cost of borrowing money is referred to as 
a)
Interest 
b)
Annual Percentage Rate 
c)
Credit 
d)
Credit Line 
24.

Information about my purchases in cash or with a debit card appear on my credit report

a)

True

b)

False

25.

Which information would NOT appear on your credit report?

a)

Credit Card balance

b)

Car loan

c)

Mortgage

d)

Debit Card balance

26.
My landlord can report my failure to pay rent to a credit reporting agency.
a)
True
b)
False
27.
A credit report contains my personal information such as my address and social security.
a)
True
b)
False
28.

A legal claim by a government entity to take an

individual’s property or income when their taxes are not paid in full.

a)

Tax Lien

b)

Open‐end Credit

c)

Credit

d)

Closed‐end Credit

29.

Numerous credit applications in a short period of time will create

a)

Negative Credit

b)

Positive credit

30.

Open‐end Credit

a)

A line of credit established in advance so that a borrower does not have to apply for credit each time new credit is desired. Also known as revolving credit Example: credit card

b)

A loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit. Example: automobile loan, education loan, mortgage

31.

Closed‐end Credit

a)

A line of credit established in advance so that a borrower does not have to apply for credit each time new credit is desired. Also known as revolving credit Example: credit card

b)

A loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit. Example: automobile loan, education loan, mortgage

32.

What is the typical grace period on a credit card (Time between when the statement date closes and when the bill is due)

a)

7 days

b)

14 days

c)

28 days

d)

90 days

33.

If a credit cardholder has an account they no longer use. What is the best thing to do with the card?

a)

Pay off and discontinue using the card

b)

keep the card in her wallet and use as needed

c)

close the account in writing and destroy the card

34.

What are payday loans

a)

A loan you repay on your payday.

b)

Short term unsecured loan with very high interest rates.

c)

Short term secured loan with very high interest rates.

d)

Short term loan with low interest rates.

35.
Paying the minimum payment on a credit card every month will:
a)
pay a large percentage of the total balance owed every month.
b)
make the final amount paid substantially higher than the amount initially charged to the card.
c)
help the cardholder create a plan for paying off a credit card in a decent amount of time.
d)
allow the cardholder to avoid paying any interest charges.
36.
Ashley plans to do some of her Christmas shopping online. What is a safety tip to follow when she is shopping online?
a)
Shred all sales receipts as soon as the item purchased has been received.
b)
Use a debit card.
c)
Use a credit card.
d)
Black out the bank account numbers on the credit card bill before returning it with payment.
37.
Which is an act of identity theft?
a)
Receiving permission to use a parents’ credit card for school clothes
b)
Wrongfully acquiring and using someone’s personal identification
c)
Taking the identity of another individual as inspiration for a costume
d)
Having the same name as another person
38.
What is a cash advance?
a)
printing money at home
b)
getting cash using credit card
c)
transferring debt from one card to another
d)
buying items
39.
A scam in which an email is sent from someone posing as your bank or other legitimate business asking for personal information.
a)
Social Engineering
b)
Skimming
c)
Phishing
d)
Pharming
40.
Where should you keep your social security card?
a)
In you wallet
b)
With your parents
c)
In a secure place at your home
d)
In the bank
41.

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

a)

Mortgage

b)

Overdraft

c)

Credit Card

d)

Pre-Paid Debit Card

42.

If the collateral for your secured loan can be taken away, why get a secured loan at all?

a)

Because they usually have a higher interest rate

b)

Because they usually have a lower interest rate

c)

Banks give you an extra 90 days to make a missed payment

d)

Banks typically don't charge interest for the first 12 months

43.

True or False: A cosigner's credit history can be affected by the loan they are cosigned on.

a)

True

b)

False

44.

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

a)

higher, less

b)

lower, more

c)

higher, more

d)

lower, less

45.

True or False: Landlords are required to submit your payment history, which can boost your credit score.

a)

True

b)

False

46.
Grace Period - The time allowed to pay your balance without being charged a finance charge. Usually 25 to 30 days. 
a)
False
b)
True
47.
How many numbers are in a CW code?
a)
2
b)
3
c)
4
d)
3 or 4
48.
When do you have to pay a cash advance fee?
a)
When you move a balance from one card to another
b)
When you do not make your payments on time
c)
When you spend more than your limit on a card
d)
When you withdraw money from an ATM
49.
The "term" is the initial amount of money borrowed in a loan.
a)
True
b)
False
50.
Allowing goods and services to be used now with a promise of payment in the future.
a)
credit
b)
bankruptcy
c)
debtor
d)
foreclosure
51.

If you are trying to gain access to a credit card before you turn 21, which method relies on the support of your parent or guardian?

a)

Applying for a secured credit card

b)

Getting a co-signer

c)

Opening up a checking account

d)

Getting the card in your parent's name, but you pay the bill each month

52.

How is your spending limit decided on a secured credit card?

a)

Your credit score

b)

Type of job you have

c)

The kind of car you drive

d)

The amount of your security deposit

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