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Credit

Total questions: 98

Worksheet time: 49mins

Name
Class
Date
1.

What are the ABCs of Credit?

a)

The basics or fundamentals of credit, such as what credit is, how it works, and why it is important.

b)

A type of credit card issued by banks.

c)

A government program for student loans.

d)

A rating system for movies based on financial themes.

2.

What is a Credit Score?

a)

A credit score is a numerical representation of a person's creditworthiness, based on their credit history.

b)

A credit score is the amount of money in a person's bank account.

c)

A credit score is a type of loan offered by banks.

d)

A credit score is a government-issued identification number.

3.

What does it mean to Establish Credit?

a)

Establishing credit means starting to build a credit history, often by opening a credit account or taking out a loan and making payments on time.

b)

Establishing credit means closing all your bank accounts to avoid debt.

c)

Establishing credit means only using cash for all purchases.

d)

Establishing credit means never borrowing money from any financial institution.

4.

How can you Maintain Good Credit?

a)

You can maintain good credit by paying bills on time, keeping credit balances low, and managing debt responsibly.

b)

By ignoring your bills and only paying when reminded.

c)

By maxing out your credit cards regularly.

d)

By taking on as much debt as possible without a repayment plan.

5.

What is a Credit Card?

a)

A credit card is a card issued by a financial institution that allows the holder to borrow funds to make purchases, with the agreement to pay back the borrowed amount plus any interest.

b)

A credit card is a card that can only be used to withdraw cash from ATMs and cannot be used for purchases.

c)

A credit card is a prepaid card that requires you to load money before using it for transactions.

d)

A credit card is a card that only allows you to make purchases within your own country and not internationally.

6.

What does Managing Credit Challenges mean?

a)

Managing credit challenges means handling difficulties related to credit, such as debt, missed payments, or poor credit scores, and finding ways to improve or resolve them.

b)

Managing credit challenges means increasing your spending limit without any consequences.

c)

Managing credit challenges means ignoring your credit report and not checking your credit score.

d)

Managing credit challenges means only using cash and never borrowing money.

7.

Fill in the blank: ______ is trust given to another person for future payment of a loan, credit card balance, etc.

a)

Credit

b)

Deposit

c)

Interest

d)

Withdrawal

8.

Fill in the blank: ______ is a person or company to whom a debt is owed.

a)

Creditor

b)

Debtor

c)

Investor

d)

Supplier

9.

Fill in the blank: The first C of credit is _________.

a)

Capacity

b)

Collateral

c)

Character

d)

Capital

10.

Fill in the blank: The second C of credit is _________.

a)

Capital

b)

Currency

c)

Collateral

d)

Creditworthiness

11.

Fill in the blank: The third C of credit is _________.

a)

Collateral

b)

Credit Score

c)

Capital

d)

Currency

12.

Fill in the blank: The fourth C of credit is _________.

a)

Conditions

b)

Cash

c)

Collateral

d)

Credit Score

13.

Fill in the blank: The fifth C of credit is _________

a)

Character

b)

Currency

c)

Calculation

d)

Collateral

14.

A good time to use credit is when you need to make a large purchase you can pay off over time, while a bad time is when you cannot afford the payments or are buying unnecessary items. Which of the following best describes this situation?

a)

Use credit for large, necessary purchases you can repay, but avoid it for unaffordable or unnecessary expenses.

b)

Use credit for any purchase, regardless of your ability to repay.

c)

Use credit only for small, everyday items.

d)

Never use credit under any circumstances.

15.

A credit score is a number that helps a lender predict how likely an individual is to ________ a loan, or make credit payments on time.

a)

repay

b)

ignore

c)

delay

d)

refuse

16.

A credit score is a number that changes as the elements in a ________ change.

a)

credit report

b)

bank account

c)

loan agreement

d)

tax return

17.

A credit score has broad use and impact. Your credit past is your credit future. True or False:

a)

True

b)

False

18.

FICO® scores, one of the most common credit scoring systems, vary between which of the following ranges?

a)

200-800

b)

350-850

c)

400-900

d)

501-990

19.

VantageScoreSM, a new credit scoring system developed by the three credit bureaus, ranges from ________ to ________.

a)

501-990

b)

300-850

c)

200-900

d)

600-1000

20.

According to the pie chart, which component makes up the largest percentage of a typical credit score?

a)

A) Payment History

b)

B) Current Total Debt

c)

C) Length of Credit History

d)

D) Requests for New Credit

21.

What percentage of a typical credit score is determined by Current Total Debt?

a)

30%

b)

10%

c)

50%

d)

70%

22.

Which of the following is NOT a component listed in the pie chart for a typical credit score?

a)

Payment History

b)

Types of Credit in Use

c)

Annual Income

d)

Requests for New Credit

23.

Fill in the blank: Length of Credit History makes up ____% of a typical credit score.

a)

15%

b)

10%

c)

25%

d)

35%

24.

Requests for New Credit and Types of Credit in Use each make up 10% of a typical credit score according to the pie chart.

a)

True

b)

False

25.

Fill in the blank: One way to improve your credit score is to ________ on time.

a)

pay bills

b)

ignore calls

c)

miss payments

d)

close accounts

26.

Fill in the blank: To improve your credit score, get ________ and stay ________.

a)

current, current

b)

late, late

c)

current, late

d)

late, current

27.

Fill in the blank: Don’t open a lot of new ________ too rapidly to improve your credit score.

a)

accounts

b)

loans

c)

cards

d)

investments

28.

Fill in the blank: To improve your credit score, correct ________.

a)

mistakes

b)

payments

c)

loans

d)

accounts

29.

Fill in the blank: Shop for loan rates within a ________ period of time to improve your credit score.

a)

focused

b)

random

c)

extended

d)

unlimited

30.

Fill in the blank: Keep balances ________ on revolving credit to improve your credit score.

a)

low

b)

high

c)

random

d)

delayed

31.

Fill in the blank: To improve your credit score, pay off ________.

a)

debt

b)

groceries

c)

subscriptions

d)

vacations

32.

Fill in the blank: Check your ________ report to help improve your credit score.

a)

credit

b)

weather

c)

medical

d)

travel

33.

Fill in the blank: ______ is a type of credit.

a)

Cash Credit

b)

Fixed Deposit

c)

Savings Account

d)

Current Account

34.

Fill in the blank: ______ is a type of credit.

a)

Sales Credit

b)

Cash Payment

c)

Debit Note

d)

Purchase Return

35.

Fill in the blank: ______ is a type of credit.

a)

Secured Credit

b)

Liquid Asset

c)

Fixed Deposit

d)

Current Account

36.

Fill in the blank: ______ is a type of credit.

a)

Revolving Credit

b)

Fixed Deposit

c)

Savings Account

d)

Debit Card

37.

Fill in the blank: ______ is a type of credit.

a)

I.O.U.

b)

Cash

c)

Checkbook

d)

Debit card

38.

Fill in the blank: ______ is a type of credit.

a)

Single Payment Credit

b)

Annual Income Tax

c)

Fixed Deposit Account

d)

Monthly Rent Payment

39.

Fill in the blank: ______ is a type of credit.

a)

Installment Credit

b)

Debit Card

c)

Gift Card

d)

Prepaid Card

40.

Fill in the blank: ______ is a type of credit.

a)

Other Types of Credit

b)

Savings Account

c)

Fixed Deposit

d)

Recurring Deposit

41.

Fill in the blank: One source of credit is _________.

a)

Banks

b)

Supermarkets

c)

Cinemas

d)

Parks

42.

Fill in the blank: One source of credit is _________.

a)

Retail Stores

b)

Supermarkets

c)

Bookstores

d)

Cafeterias

43.

Fill in the blank: One source of credit is _________.

a)

Savings & Loan Associations

b)

Grocery Stores

c)

Movie Theaters

d)

Public Parks

44.

Fill in the blank: One source of credit is _________.

a)

Credit Unions

b)

Grocery Stores

c)

Movie Theaters

d)

Book Clubs

45.

Fill in the blank: One source of credit is _________

a)

Finance Companies

b)

Grocery Stores

c)

Movie Theaters

d)

Book Publishers

46.

Fill in the blank: One source of credit is _________.

a)

Internet Stores

b)

Public Parks

c)

Movie Theaters

d)

Art Galleries

47.

Other sources of credit include which of the following?

a)

Moneylenders

b)

Farmers

c)

Students

d)

Children

48.

Sources of credit that should be avoided include which of the following?

a)

Payday loans and loan sharks because they have extremely high interest rates and fees.

b)

Credit cards because they always have low interest rates.

c)

Bank loans because they are always unsafe.

d)

Student loans because they never need to be repaid.

49.

STEPS TO TAKE TO AVOID ABUSIVE LENDING: Shopping around for the best deal is an important step. Which of the following is a recommended action?

a)

Shop around for the best deal

b)

Accept the first offer you get

c)

Ignore loan terms and conditions

d)

Borrow without comparing lenders

50.

The lender pressured you to take the loan.

a)

Yes, I felt pressured.

b)

No, I did not feel pressured.

c)

I am not sure.

d)

I did not take a loan.

51.

Understanding the terms of the loan is important.

a)

Yes, I understand the terms.

b)

No, I do not understand the terms.

c)

I am unsure about the terms.

d)

The terms do not apply to me.

52.

Fill in the blank: One common part of a credit application is the ________ for Loan.

a)

Reason

b)

Signature

c)

Date of Birth

d)

Collateral

53.

Fill in the blank: A credit application typically requires Personal ________ Information.

a)

Identification

b)

Financial

c)

Educational

d)

Medical

54.

Fill in the blank: Employment ________ is a common part of a credit application.

a)

Information

b)

History

c)

Reference

d)

Agreement

55.

Fill in the blank: Mortgage/Rental ________ is often included in a credit application.

a)

Information

b)

Agreement

c)

Deposit

d)

Duration

56.

Fill in the blank: Some credit applications require additional ________.

a)

Documentation

b)

Furniture

c)

Entertainment

d)

Sunlight

57.

Fill in the blank: A credit application may ask for information about Current ________.

a)

Debts

b)

Assets

c)

Income

d)

References

58.

Fill in the blank: Credit ________ are often needed in a credit application.

a)

References

b)

Cards

c)

Scores

d)

Limits

59.

Fill in the blank: Some credit applications require ________ as security.

a)

Collateral

b)

Interest

c)

Signature

d)

Guarantor

60.

Fill in the blank: Bank ________ are a common part of a credit application.

a)

References

b)

Loans

c)

Branches

d)

Deposits

61.

Fill in the blank: A credit application usually requires a ________ and Date.

a)

Signature

b)

Photograph

c)

Reference Number

d)

Bank Statement

62.

What is the annual fee?

a)

The annual fee is the amount charged yearly for having the credit account.

b)

The annual fee is the interest charged on late payments.

c)

The annual fee is the penalty for exceeding the credit limit.

d)

The annual fee is the cashback earned on purchases.

63.

What is the annual percentage rate (APR)?

a)

The annual percentage rate (APR) is the yearly interest rate charged on borrowed money.

b)

The annual percentage rate (APR) is the monthly fee for maintaining a bank account.

c)

The annual percentage rate (APR) is the total amount of money borrowed in a year.

d)

The annual percentage rate (APR) is the penalty for late payments on a loan.

64.

When are payments due?

a)

Payments are due on the date specified by the credit agreement, usually monthly.

b)

Payments are due only at the end of the year.

c)

Payments are due whenever the borrower chooses.

d)

Payments are due only after five years.

65.

What is the minimum payment required each month?

a)

The minimum payment is the smallest amount you must pay each month to keep the account in good standing.

b)

The minimum payment is the total balance due on your account each month.

c)

The minimum payment is the amount you choose to pay each month, regardless of the statement.

d)

The minimum payment is the interest charged on your account each month.

66.

Is there a grace period?

a)

A grace period is the time during which you can pay your balance without incurring interest charges.

b)

A grace period is the time when you must pay extra fees.

c)

A grace period is the time when your account is frozen.

d)

A grace period is the time when you cannot use your card.

67.

Are there other fees associated with the credit, such as minimum finance charges?

a)

Other fees may include late fees, over-limit fees, or minimum finance charges.

b)

No, there are never any additional fees with credit.

c)

Only annual fees are charged, no other fees apply.

d)

Credit accounts do not have any fees at all.

68.

What is the credit limit?

a)

The credit limit is the maximum amount you can borrow on the credit account.

b)

The credit limit is the minimum payment required each month.

c)

The credit limit is the interest rate charged on the account.

d)

The credit limit is the total amount spent on the account last year.

69.

What are the penalties for late or missed payments?

a)

Penalties for late or missed payments may include late fees, increased interest rates, or negative impacts on your credit score.

b)

You will receive a reward for late or missed payments.

c)

There are no consequences for late or missed payments.

d)

Late or missed payments will automatically reduce your loan amount.

70.

What are the terms and conditions of the credit? What else is included in the fine print?

a)

The terms and conditions outline the rules, fees, and responsibilities associated with the credit account, including any additional details in the fine print.

b)

They only describe the interest rate and ignore all other details.

c)

They are just marketing slogans with no legal value.

d)

They only mention the rewards program and exclude any fees or penalties.

71.

According to the Debt-to-Income Thermometer, what is the risk level if your debt-to-income ratio is 51% or more?

a)

GREAT!

b)

GOOD!

c)

FAIR!

d)

DANGER!

72.

According to the Debt-to-Income Thermometer, what is the risk level if your debt-to-income ratio is between 39% to 50%?

a)

HIGH!

b)

FAIR!

c)

GOOD!

d)

DANGER!

73.

According to the Debt-to-Income Thermometer, what is the risk level if your debt-to-income ratio is between 24% to 38%?

a)

FAIR!

b)

HIGH!

c)

GOOD!

d)

GREAT!

74.

According to the Debt-to-Income Thermometer, what is the risk level if your debt-to-income ratio is between 16% to 23%?

a)

GOOD!

b)

FAIR!

c)

HIGH!

d)

DANGER!

75.

According to the Debt-to-Income Thermometer, what is the risk level if your debt-to-income ratio is 15% or less?

a)

GREAT!

b)

GOOD!

c)

FAIR!

d)

HIGH!

76.

Credit History is:

a)

A record of a person's borrowing and repayment activities.

b)

A list of all the banks in a city.

c)

A summary of a person's educational background.

d)

A report of a person's medical history.

77.

A Credit Bureau is:

a)

an organization that collects and maintains credit information about individuals.

b)

a government agency that issues loans to the public.

c)

a bank that provides only credit cards to customers.

d)

a company that sells insurance policies.

78.

A Credit Report is:

a)

a detailed record of an individual's credit history and financial behavior

b)

a document showing only your current bank balance

c)

a report listing your monthly utility bills

d)

a summary of your annual income only

79.

A Credit Score is:

a)

A numerical representation of a person's creditworthiness.

b)

A type of bank account.

c)

A government-issued identification number.

d)

A method of calculating taxes.

80.

A Credit Rating is:

a)

an evaluation of the creditworthiness of an individual or organization

b)

a type of bank account

c)

a method of calculating interest rates

d)

a government-issued identification number

81.

According to the sample credit report, what is the high credit amount for the Store Card account?

a)

3500

b)

1500

c)

5000

d)

2500

82.

Which company has an account with the status 'Closed Account' as of the date reported?

a)

Master

b)

Visa

c)

American Express

d)

Discover

83.

What is the date of birth listed for John Doe in the sample credit report?

a)

04/19/57

b)

01/23/60

c)

12/15/55

d)

07/30/59

84.

How many months has the 'Your Bank' account been reviewed according to the sample credit report?

a)

48

b)

12

c)

24

d)

36

85.

Which account has the highest high credit amount in the sample credit report?

a)

XYZ Bank (5000)

b)

ABC Finance (3000)

c)

PQR Loans (2500)

d)

LMN Credit Union (4000)

86.

What does the letter 'J' stand for in the 'Whose Account' column of the sample credit report?

a)

Joint

b)

Judgment

c)

Junior

d)

Jumbo

87.

Fill in the blank: One of the credit safeguards for consumers is the _________.

a)

Truth In Lending Act

b)

Fair Labor Standards Act

c)

Sherman Antitrust Act

d)

Civil Rights Act

88.

Fill in the blank: One of the credit safeguards for consumers is the _________

a)

Fair Credit Reporting Act

b)

Equal Pay Act

c)

Freedom of Information Act

d)

Truth in Advertising Act

89.

Fill in the blank: One of the credit safeguards for consumers is the _________

a)

Equal Credit Opportunity Act

b)

Fair Labor Standards Act

c)

Freedom of Information Act

d)

Occupational Safety and Health Act

90.

Fill in the blank: One of the credit safeguards for consumers is the _________

a)

Fair Credit Billing Act

b)

Consumer Credit Protection Act

c)

Truth in Lending Act

d)

Equal Credit Opportunity Act

91.

Fill in the blank: One of the credit safeguards for consumers is the _________

a)

Fair Debt Collection Practices Act

b)

Consumer Credit Reporting Act

c)

Equal Credit Opportunity Act

d)

Truth in Lending Act

92.

What is one of the primary objectives behind the Fair and Accurate Credit Transaction Act (the FACT Act)?

a)

To help consumers fight the growing crime of identity theft.

b)

To increase the interest rates on credit cards.

c)

To eliminate all credit reporting agencies.

d)

To allow unlimited access to consumer credit reports.

93.

Which of the following is a highlight of the Fair and Accurate Credit Transaction Act?

a)

Free credit reports

b)

Lower interest rates

c)

Increased loan limits

d)

None of the above

94.

The Fair and Accurate Credit Transaction Act provides consumers with ________ alerts and Active Duty alerts.

a)

Fraud

b)

Credit

c)

Security

d)

Identity

95.

Truncation under the FACT Act applies to which of the following?

a)

Credit cards

b)

Debit cards

c)

Social Security Number

d)

All of the above

96.

The FACT Act includes provisions for identifying ________ as a way to prevent identity theft.

a)

Red flags

b)

Credit scores

c)

Loan defaults

d)

Bank statements

97.

Disposal of ________ is a highlight of the Fair and Accurate Credit Transaction Act.

a)

consumer reports

b)

bank statements

c)

tax returns

d)

medical records

98.

The FACT Act addresses the importance of ________ scores.

a)

Credit

b)

Test

c)

Health

d)

Attendance

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