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Credit Review Part #1
Test Description: Credit Review Lessons 1 and 2
Instructions: Answer all questions to get your test result.
1) Which of the following is NOT one of the three C's of Credit
A
Capital/Collateral
B
Character
C
Capacity
D
Concern
2) In regard to the "Three C's of Credit", what is meant by character...
A
what is your family doing.
B
what do you all own or have saved up.
C
what is your ability to earn enough money to repay the loan.
D
what is there history and living habits do you have
3) In regard to the "Three C's of Credit", what is meant by capacity...
A
what is your ability to earn enough money to repay the loan.
B
what is there history and living habits do you have
C
what do you all own or have saved up.
D
what is your family doing.
4) In regard to the "Three C's of Credit", what is meant by capital/collateral...
A
what is there history and living habits do you have
B
what do you all own or have saved up.
C
what is your ability to earn enough money to repay the loan.
D
what is your family doing.
5) What is a credit score?
A
All of the other answers
B
A snapshot of how good you are with credit
C
A way for banks to grade your credit just like schools grade you academically
D
Something that banks use
6) A good credit score would be 300.
A
Not this one
B
Not this one
C
True
D
False
7) Which of the following is a good way to establish good credit for a young person...
A
Open a checking/savings account
B
Pay all your bills on time
C
All of the pervious answers
D
Find a job
8) Pawnbrokers will give you a loan but it will be at...
A
have a very low interest rate
B
extremely high interest rate
C
your best option
D
against the law
9) Who is your favorite teacher?
A
Mr. Not the Right Answer
B
Mr. Scherer
C
Mrs. Fake Teacher
D
Mrs. Bad Teacher
10) What is it called when a bank/company takes back what was sold on an installment plan if payments are not made as agreed.
A
securities
B
default
C
dependent
D
repossess
*select an answer for all questions
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