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Credit 1

Total questions: 27

Worksheet time: 13mins

Name
Class
Date
1.

What is a credit report?

a)

A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness

b)

A detailed report of a bank's credit history prepared by a credit expert and used by consumers in determining a bank's creditworthiness

c)

A report which shows which credit cards are better than others

d)

A report invented by Allan Greenspan and credited to Al Gore

2.

The process of collecting funds that are owed and past due is called...

a)

gathering

b)

dollar collecting

c)

overdrafting

d)

collections

3.

What is a loan term?

a)

The amount of time a revolving line of credit can be open

b)

The payment of income to a savings account in regular payments over a set period of time.

c)

The period in which the loan is to be repaid, each payment broken down into individual installments

d)

Specifically related to the black market for human organs, and typically meant as the length of time one's kidney will be used for other purposes

4.
The credit score ranges form 
a)
300-800
b)
250-950
c)
350-900
d)
300-850
5.
The higher your credit score, the higher your interest rate will be.
a)
True
b)
False
6.
The most common credit scoring system is called the
a)
FCO
b)
FECO
c)
FISO
d)
FICO
7.
Numerous credit applications in a short period of time.
a)
Positive Impact
b)
Negative Impact
8.

Paying my bills late could negatively affect my credit history.

a)

True

b)

False

9.

Which is an exceptional credit score?

a)

672

b)

555

c)

713

d)

813

10.

Which of the following is one of the 3 nationally recognized credit bureaus?

a)

Equifax

b)

Federal Reserve

c)

Postal Credit

d)

TripleUnion

11.

Which of the following is TRUE about a credit report?

a)

It is a complete history of one type of credit you have

b)

Credit reports are maintained by the 5 main credit bureaus

c)

You can get a copy of your credit report for free

d)

You can get a credit report only when you're 21 years old

12.
I should review my credit report for errors.
a)
True
b)
False
13.
Which of the following would IMPROVE your credit score. 
a)
Closing out old credit cards. 
b)
Paying off your credit card bill. 
c)
Using a large portion of your credit limit. 
d)
Opening a new savings account. 
14.
Interest is: 
a)
A charge for lending money to a bank
b)
The amount owed for borrowing money
c)
the amount added into your savings when opening a bank account
d)
a charge for the convenience of accessing money stored in your bank account
15.
An example of closed-ended credit is a(n) _______________
a)
Installment loan
b)
Credit card
c)
Equity Credit line
16.
Another name for open ended credit is ____________ credit
a)
Never ending
b)
Revolving
c)
Spinning
d)
Endless
17.
This is when the interest rate will remain the same for the life of the loan
a)
Adjustable rate
b)
Balloon rate
c)
Never changing rate
d)
Fixed rate
18.
Money you pay up front toward the purchase to reduce the loan amount
a)
Down payment
b)
Up front payment
c)
Principal
d)
Interest
19.
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
a)
American Express
b)
Chase Sapphire
c)
Neither
d)
All of the above
20.
The least amount that must be paid on a credit card each month is
a)
Late Fee
b)
Credit Limit
c)
Payment amount
d)
Minimum Payment
21.
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
22.
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
23.
The cost of borrowing money is referred to as 
a)
Interest 
b)
Annual Percentage Rate 
c)
Credit 
d)
Credit Line 
24.

A simple definition of credit could be stated as...

a)

Buy now, pay now

b)

Buy later, pay later

c)

Buy later, pay now

d)

Buy now, pay later

25.

What is unique about an unsecured loan?

a)

Require no collateral

b)

Require collateral

c)

Interest free

d)

Don't affect your credit score

26.

Which is a disadvantage of a credit card?

a)

Credit cards are buy-now, pay later

b)

Credit cards provide preapproved credit

c)

Credit cards charge interest

d)

Credit cards are the best way to pay for something online, because you can dispute a the charge

27.
This is a fee that some, but not all, credit card issuers charge to use their credit card.
a)
APR
b)
annual fee
c)
monthly fee
d)
non-sufficient funds fee

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