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WorksheetsFA Unit 8 Unit Review
Total questions: 20
Worksheet time: 3600secs
Which statements are true about late credit card payments?
They can drop your credit score by as much as 100 points
They are an extremely rare occurrence among American credit cardholders
They can stay on your credit report for up to 7 years
They are the largest factor in your overall credit score
How does paying your credit card bill on time each month affect your credit score?
It stays the same
It lowers your score
It raises your score
It makes your score invalid
Which of the following are not included in your credit report?
You bought a $300 prepaid card
You checked your credit score on your bank’s mobile app
You made your student loan payment on time
You used your debit card at the grocery store
What are some consequences of struggling to pay off excess debt?
Developing health problems from the stress of carrying debt
Having your wages reduced by collectors on unpaid debts
Being fired from your job if your employer finds out you have too much debt
Having purchases repossessed (home, vehicle, etc.) for failure to make payments
Which students are most likely to have the lowest credit scores?
Hassan has 3 credit cards with low balances and often forgets which one they need to make payments on and is late
Bekkah has 2 credit cards and they’re usually near their credit limit
Kareem has 3 credit cards that they pay in full every month and recently applied for a new line of credit
Sarah has never had a credit card and has over $10,000 in her savings account
Which statements about predatory lending are true?
They have a federally-mandated maximum APR of 25%
They disproportionately affect communities of color
They can come in many forms like high interest rates and excessive fees
They often occur in conjunction with home mortgages
You should check your credit report regularly to identify potential (a) or (b) activity
Which statements are not typically true about a secured credit card?
A secured credit card is the same as a debit card, drawing money down directly from your checking account
A secured credit card has interest rates far lower than those of a typical credit card
A secured credit card requires the borrower put down a deposit to create their credit limit
A secured credit card cannot be used to shop online, because you have to sign a receipt after every purchase
Julius reviews his credit report and decides to put a "red flag" on it. Which of the following will NOT happen?
New lenders will double-check Julius's identity before approving a credit application
Theo will not be able to open new lines of credit for at least 1 year
The credit bureau has 30 days to resolve any errors in Theo’s credit report
Late payments will be removed from Theo’s credit report for a fee
A Fico score that is labeled as good will be between (a) and (b)
What is the purpose of a credit report?
To provide a free tool for you to track your finances and budget
To compare the cost of different lines of credit
To help lenders determine if you are a qualified candidate for credit
To prove that you are authorized to work in the United States
A person has a credit utilization ratio of 25% and they open a new credit card without changing their spending. Their utilization ratio will go (a) because they are (b) their credit limit.
If a potential lender checks your credit score and finds out it is above 750, you will (a) loan with a (b) interest rate.
In America, wages have increased (a) than prices, and debt has (b) .
Which two parties are most interested in checking your credit score?
A future employer
A car dealership
An apartment leasing office
A college admissions office
What is the interquartile range (IQR)?
$872
$314
$301
$164
If 56 people were surveyed about their monthly car payment, how many pay between $141 and $455?
14
28
42
7
Which statements are true?
The median is $592
The range is $872
50% of respondents pay between $756 and $1013
75% of respondents pay less than $756
Data points (a) the mean has a (b)
The histogram below shows data on rent prices for a representative sample of 500 US renters, based on the 2020 Census. All of the following statements are true, EXCEPT…
The distribution of US rent prices is skewed to the right
10 people reported a rent price of $2750
The mean rent price is higher than the median rent price
The median rent price is between $1000 and $1500 per month
