WorksheetsCredit Study Guide
Total questions: 20
Worksheet time: 10mins
Which term represents INTEREST and ALL OTHER FEES added on to a credit purchase?
Annual Fee
Introductory Rate
Finance Charges
The least amount of money required to be paid each month.
Grace Period
Minimum Payment
Credit Score Fee
Introductory Rates are also known as
Teaser Rates
Annual Percentage Rate
Annual Fee Rates
The highest amount that can be charged to your credit account
APR limit
Credit limit
Free period limit
What fee will you pay if you go over your credit limit?
Grace Period fee
Over the limit fee
Minimum fee
This is an example of an advantage of using credit :
Interest and Fees
Purchasing Power
Overspending
Having GOOD credit, means you are a low-risk borrower
True
False
Once your credit score is calculated, there is nothing you can do to change it.
True
False
After paying off the balance, which type of credit remains open to be used again?
service credit
open end credit
closed end credit
Which of these is NOT part of your credit score?
length of credit history
payment history
high school grades
total amount you owe
A credit score is also known as a FICO score.
True
False
Each of the credit agencies use a different formula scoring model, so you might have three different credit scores.
True
False
An agreement to receive a service now and pay for it later is called:
Service Credit
Open End Credit
Closed End Credit
Creating too many new credit accounts will improve your credit score.
True
False
580 FICO SCORE
GOOD
BAD
670 FICO SCORE
GOOD
BAD
Having Good Credit means you are more likely to?
be offered a job
be offered loans with better terms
be offered low rates on car insurance
all of the above
Money borrowed to buy something now with the understanding that you will be paid back in the future.
credit
cash
debit
A three digit number rating a consumer as a credit risk.
Credit Score
Scoring Options
FOMO Score
Creditworthiness
Term used to determine how trusted you are to repay borrowed money.
Term used to see if you can be responsible.
Term used to find out if you care about your credit.
