WorksheetsUnit 4 Review Credit
Total questions: 25
Worksheet time: 15mins
Which is an exceptional credit score?
672
555
713
813
What type of credit score is this 570?
Average
Great
Poor
Excellent
My credit history does not affect my chances for renting my first apartment.
True
False
To build a positive credit history, I should pay cash for all purchases.
True
False
Paying my bills late could negatively affect my credit history.
True
False
a number assigned to a person that indicates to lenders their capacity to repay a loan.
Credit score
Credit report
Credit history
Credit bureau
An example of a financial institution is:
A department store
A bank
A school
An ATM machine
Who uses financial institutions?
Adults
College graduates
Almost everyone who maintains a savings or checking account, uses debit or credit cards, or needs a loan
Account holders with lots of cash
A debit card is a buy-now, pay-later payment type with a grace period for payments.
True
False
A debit card is handy in an emergency when you don't have the money to spend.
True
False
Lenders use credit agencies to determine:
An applicant's credit score
An applicant's credit history
Whether an applicant has any outstanding debt or defaults
All of the above
Which is a disadvantage of a credit card?
Credit cards are buy-now, pay later
Credit cards provide preapproved credit
Credit cards charge interest
Credit cards are the best way to pay for something online, because you can dispute a the charge
What is credit?
The ability to borrow money or access goods or services with the understanding that you will pay later
Lenders and service providers grant money based on their confidence you can be trusted to pay back what you borrowed
A score you are given based on your spending habits
Something banks use to control your money
Interest rate is...
The amount of money you borrow
Extra money someone charges you for borrowing money
Something that helps your credit score
The maximum amount of money you can borrow
Debt is money owed by one party to another...
true
false
Credit cards are a form of which of the following?
Loan
Gift
Insurance
A lower interest rate means you pay ________ money. A higher interest rate means you pay __________ money.
less, more
more, less
Which of the following is true about store credit cards?
You are only able to use the credit card for that store in particular
You are able to use the credit card for that store and different types of stores
You are able to use the credit card for any store or restaurant.
Which of the following would someone most likely use a credit card to pay for?
Car
House
Groceries
Education
Which of the following is something that a person would most likely use a loan to pay for?
Gas
Groceries
Haircut
Car
