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Credit - Review - Mr. Aiello

Total questions: 60

Worksheet time: 1hrs 5mins

Name
Class
Date
1.
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
2.
How can a cardholder avoid paying interest on a credit card?
a)
Do not pay anything
b)
Pay the minimum payment after its due date
c)
Pay the minimum balance every month
d)
 Pay the balance in full every month
3.
The credit company can charge interest if the credit card bill is not paid in full by the due date
a)
True
b)
False
4.

What fee is associated with a car loan

a)

Annual Percentage Rate (APR)

b)

Introductory

c)

Emotional

5.

Select all that is a form of Good Debt

a)

Mortgage

b)

Credit Card

c)

Student loan

d)

Macy's Credit card

6.

What is the best way to manage credit and debt?

a)

use rewards

b)

spend now worry later

c)

Make big purchases

d)

set goals and budget

7.

What is a mortgage?

a)

Car loan

b)

business loan

c)

Home loan

8.
What is one advantage of having a credit card?
a)
It prevents you from spending more than you earn.
b)
It allows you to make purchases without carrying lots of cash.
c)
It encourages you to budget your money wisely.
d)
It helps you pay off debts that you may have.
9.
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.
10.
Why would your credit provider give you a credit limit?
a)
To remind you to pay your bill on time.
b)
To prevent you from enjoying the things you buy.
c)
To prevent you from spending more money than you can pay back.
d)
To prevent you from shopping in certain places.
11.
When you make a credit card purchase at a store, who do you agree to pay?
a)
The store.
b)
The bank where the store keeps its money.
c)
Your credit provider.
12.
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.
13.

What is important in establishing good credit?

a)

Making payments on time

b)

Being late on payments

c)

Spending 100% of your credit limit

d)

Missing a payment

14.

What is debt?

a)

Another word for death

b)

Something, typically money, that is owed or due

c)

A loan on which you do not have to pay interest

d)

That which is incurred during childhood and consummated in college

15.

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

16.

What type of credit score is this 570?

a)

Average

b)

Great

c)

Poor

d)

Excellent

17.

My credit history does not affect my chances for renting my first apartment.

a)

True

b)

False

18.

To build a positive credit history, I should pay cash for all purchases.

a)

True

b)

False

19.
Numerous credit applications in a short period of time.
a)
Positive Impact
b)
Negative Impact
20.
The most common credit scoring system is called the
a)
FCO
b)
FECO
c)
FISO
d)
FICO
21.
The most common credit scoring system is called the
a)
FCO
b)
FECO
c)
FISO
d)
FICO
22.
The credit score ranges form 
a)
300-800
b)
250-950
c)
350-900
d)
300-850
23.
Which is not included in an individual’s credit report?
a)
Current and past addresses
b)
Account balances
c)
Bankruptcies and foreclosures
d)
Medical information
24.

Why is it important to establish positive credit history?

a)

Higher credit scores result in lower interest rates on loans

b)

You are more likely to be offered a loan by a bank

c)

Positive credit history results in higher credit scores

d)

All of the above

25.

How long will a negative credit action usually remain on a credit report?

a)

4 years

b)

11 years

c)

7 years

d)

15 years

26.

Who would be more likely to get a car loan?

a)

Dave with a credit score 560

b)

Julie with a credit score 780

27.

A person, or a financial institution that lends money, and in return charges interest?

a)

Borrower

b)

Lender

28.

A person who takes and uses a sum of money under an

agreement to pay it back?

a)

Borrower

b)

Lender

29.

Which information would NOT appear on your credit report?

a)

Credit Card balance

b)

Car loan

c)

Mortgage

d)

Debit Card balance

30.
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
31.
The maximum amount you may borrow on a credit card is known as:
a)
creditworthiness
b)
credit report
c)
credit limit
d)
variable rate of credit
32.
What is an annual fee? 
a)
The act of transferring money 
b)
A fee charged by a card issuer for being a card holder. 
c)
The days between the last statement and the current statement. 
d)
A fee charged to a cardholder's account once a payment is late. 
33.
Examples of penalty fees include:
a)
over-the-limit fee
b)
late payment fee
c)
returned payment fee
d)
all of these
34.
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
35.
The cost of borrowing money is referred to as 
a)
Interest 
b)
Annual Percentage Rate 
c)
Credit 
d)
Credit Line 
36.
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 of a credit card in a decent amount of time
d)
allow the cardholder to avoid paying any interest charges 
37.
Having a high credit score will allow lenders to give you lower interest rates.
a)
True
b)
False
38.
How can a cardholder avoid paying interest on a credit card?
a)
Do not pay anything
b)
Pay the minimum payment after its due date
c)
Pay the minimum balance every month
d)
 Pay the balance in full every month
39.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
40.

Define: Credit Card

a)

The most credit you are allowed to carry.

b)

The card issuer adds together your balance for each day and then divides it by the number of days in the month.

c)

A preferred method of debt repayment.

d)

A type of card, issued by a bank, that allows users to finance a purchase (buy now, pay later).

41.

Define: Credit Report

a)

An expense, such as a charitable donation, that can be deducted from one’s taxable income.

b)

A measure of an individual’s credit risk; calculated from a credit report, using a standardized formula.

c)

A detailed report of an individual’s credit activity and history.

d)

A higher interest rate as a result of late or missing payments.

42.

Define: Credit Score

a)

A measure of an individual’s credit risk; calculated from a credit report, using a standardized formula.

b)

A detailed report of an individual’s credit activity and history.

c)

The most credit you are allowed to carry.

d)

Interest that is charged to a credit account if the account holder doesn’t pay off the balance in full.

43.

Define: Credit Limit

a)

A measure of an individual’s credit risk; calculated from a credit report, using a standardized formula.

b)

A detailed report of an individual’s credit activity and history.

c)

The most credit you are allowed to carry.

d)

Time frame that a loan agreement is in force.

44.

Define: Loan Term

a)

An interest rate charged to a customer in the early stages of a loan.

b)

A period of days in which you are allowed to make your payment before the finance charge is calculated.

c)

Time frame that a loan agreement is in force.

d)

The most credit you are allowed to carry.

45.

Ashley is reviewing her credit report and notices a section labeled 'public information'. What is the purpose of this section in her credit report?

a)

To provide details about any liens, bankruptcies, lawsuits, and foreclosures Ashley might have

b)

To track Ashley's income and employment history

c)

To determine the types of credit used by Ashley

d)

To calculate Ashley's credit utilization ratio

46.

Richard, Jaden, and Kalei are discussing about credit scores. They are trying to identify the three main credit bureaus. Can you help them?

a)

Experian, TransUnion, Equifax

b)

FICO, VantageScore, Credit Karma

c)

Visa, Mastercard, American Express

d)

Bank of America, Wells Fargo, Chase

47.

Connor is trying to improve his credit score, so he discussed this with his friend Becky. Which factors did she tell Connor to focus on?

a)

Payment history, credit utilization, length of credit history

b)

His income, education level, age

c)

Number of credit cards he has, types of credit used, recent inquiries

d)

His social media activity, shopping habits, favorite color

48.

Franklin is applying for a loan and the bank is checking their credit score. What is the purpose of checking Franklin's credit score?

a)

To determine Franklin's creditworthiness

b)

To track Franklin's spending and bill-paying habits

c)

To provide information about Franklin's credit history

d)

To calculate interest rates on Franklin's loans

49.

Mikey bought a house with a loan from a bank. If he defaults on his loan, what is the term for the bank taking possession of his property?

a)

Foreclosure

b)

Refusing to pay for a repair and having a lien placed on the property

c)

Selling a house to pay off a debt

d)

Repossessing a car due to missed payments

50.

Donovan is applying for a loan and he is curious to know who calculates his credit scores. Can you help him?

a)

Credit bureaus

b)

Lenders like the bank where Donovan is applying for the loan

c)

Fair Isaac Corporation

d)

Consumers like Donovan himself

51.

A federal law that states that credit applications can be judged only on the basis of financial responsibility is called the ______ .

a)

Equal Credit Opportunity Act

b)

Fair Credit Reporting Act

c)

Fair Credit Billing Act

d)

Fair Debt Collection Practices Act

52.

A federal law that allows individuals to examine and correct information used by credit reporting agencies is called the ______ .

a)

Consumer Credit Protection Act

b)

Fair Credit Reporting Act

c)

Fair Credit Billing Act

d)

Fair Debt Collection Practices Act

53.

A federal law that requires creditors to correct billing mistakes that are brought to their attention is called the ______ .

a)

Equal Credit Opportunity Act

b)

Fair Credit Reporting Act

c)

Fair Credit Billing Act

d)

Fair Debt Collection Practices Act

54.

A federal law that permits consumers to stop a credit payment for an item that is damaged or defective is called the ______ .

a)

Equal Credit Opportunity Act

b)

Fair Credit Reporting Act

c)

Fair Credit Billing Act

d)

Fair Debt Collection Practices Act

55.

A federal law that serves to regulate collection agencies is called the ______ .

a)

Collection Protection Act

b)

Equal Credit Opportunity Act

c)

Consumer Credit Protection Act

d)

Fair Debt Collection Practices Act

56.

Debt can be avoided through which of these:

a)

Frivolous spending

b)

Budgeting Finances

c)

Investing in the Stock Market

d)

Employer Benefits

57.

This type of Bankruptcy is primarily for businesses

a)

Chapter 7

b)

Chapter 11

c)

Chapter 12

d)

Chapter 13

58.

This type of bankruptcy is also known as "straight" or "liquidation"

a)

Chapter 7

b)

Chapter 11

c)

Chapter 12

d)

Chapter 13

59.

The person who owes money to someone else:

a)

Debtor

b)

Creditor

c)

Loser

d)

Owen

60.
A legal process that allows part of your paycheck to be withheld to pay a debt
a)
comparison shopping
b)
garnishment
c)
impulse buying
d)
phishing

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