Worksheetsquizbowl 5
Total questions: 25
Worksheet time: 13mins
What is the three-digit number used by lenders to assess your creditworthiness?
credit score
karma score
Quantum Financial Rating (QFR)
Your CCS: Credit Compass Score
Name the two factors that influence your credit score the most.
payment records and number of credit cards
payment history and your age
credit utilization and spending
payment history and credit utilization
What is the number range for a FICO credit score?
1.00 to 4.00
300-1000
300-8500
350-850
What type of loan requires collateral, such as a house or car, to secure borrowing?
secured loan
unsecured loan
revolving credit
mortgage
What type of loan is granted based solely on a borrower’s creditworthiness, without requiring collateral?
secured loan
unsecured loan
revolving credit
mortgage
What percentage of your available credit should you aim to use to maintain a good credit score?
20%
30%
40%
50%
What happens to your credit score when you miss a credit card or loan payment?
Nothing. You have to miss it more than once before you take a hit.
It increases
It decreases
Information like that doesn't get reported.
What is the term for a detailed record of your credit history that’s used to calculate your credit score?
financial fingerprint
Financial Footprint Index (FFI)
credit dossier
credit report
What government-mandated website allows you to access your credit report for free once per year?
creditkarma.com
experian.com
Annualcreditreport.com
GovernmentCredit.com
What is the term for an interest rate charged on a loan expressed as an annual percentage?
Annual Percentage Rate (APR)
Prime Lending Rate
Subprime Lending Rate
Annual Borrowing Quotient (ABQ)
What is the extra cost you pay for the ability to borrow money, typically a percentage of the loan amount?
closing costs
finance charge
origination charge
interest rate
What type of interest is calculated only on the principal amount of a loan, not on accrued interest?
simple interest
compound interest
amortized interest
prime interest
What type of interest is charged on both the principal and previously accrued interest?
simple interest
compound interest
amortized interest
prime interest
What type of student loan does the government pay interest on while you are in school?
direct loans plus
unsubsidized direct
student loan
direct consolidation loan
subsidized direct
student loan
What type of student loan accrues interest while you are still in school?
direct loans plus
unsubsidized direct
student loan
direct consolidation loan
subsidized direct
student loan
What does a higher APR indicate about the cost of borrowing?
It indicates that borrowing will be
more expensive
It indicates that you'll pay less in interest over the life of the loan
A higher APR indicates that you'll receive a greater discount on the total amount borrowed.
It indicates that you will be given more time to repay the loan.
What financial tool allows you to make purchases using money directly from your checking account?
credit card
debit card
phone app
check
What financial tool allows you to borrow money up to a set limit and requires repayment later?
credit card
debit card
phone app
check
What is the term for the total amount you owe on a credit card at any given time?
debt
credit card balance
Schumer box
credit card liability
What is the penalty called when you miss a credit card payment deadline?
origination fee
late fee
recovery fee
charge back
Name one popular peer-to-peer (P2P) payment app that allows users to send and receive money digitally.
Zelle
DoorDash
Transfer Flow
Quantum Blockchain
If someone fraudulently uses your debit card, are you more protected or less protected than if it were a credit card?
more protected
less protected
about the same risk
What is the term for the maximum amount you can charge on a credit card?
credit cap
credit ceiling
payment limit
credit limit
What happens to your available credit when you make a purchase with a credit card?
it increases
it is adjusted
it decreases
Not enough information given (you would have to know your FICO score first).
If you pay your credit card balance in full each month, how much interest do you pay?
Depends on your rate.
A minimum fee determined by your contract.
Nothing
