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Credit Review #2
Test Description: Credit Review #2
Instructions: Answer all questions to get your test result.
1) Loan sharks abide by state usury laws
A
Not this one
B
True
C
Not this one
D
False
2) Wage assignment or garnishment is when
A
agreement where the creditor keeps ownership of goods until paid in full
B
lenders take back the property for which you borrowed money for
C
an agreement between the creditor and the lender to work off the debt as a punishment
D
lenders collect a portion of your paycheck if you default on a loan
3) It is a good idea to use cash as much as possible instead of your credit card. (Statistically, you will spend less)
A
True
B
Not this one
C
False
D
Not this one
4) You are entitled to a free credit report at least once a year from each credit bureau.
A
True
B
False
C
Not this one
D
Not this one
5) 800 is a great credit score
A
True
B
False
C
Not this one
D
Not this one
6) The most common credit scoring system is ...
A
CRA (Consumer Reporting Agencies)
B
ATM (Automated Truth Machine)
C
FCRA (Fair Credit Reporting Act)
D
FICO (Fair, Isaac, & Co)
7) A single payment loan is when you pay installments over a period of time on money borrowed
A
False
B
True
8) Loan sharks even operate in states where there are strict usury laws.
A
Not this one
B
False
C
Not this one
D
True
9) The coolest guy I know is...
A
Sad Sappy Sammy
B
Mr. Scherer
C
Cheese Head Harry
D
Debby Downer
10) When we talk about real estate we are talking about...
A
financial obligations, such as a car loan
B
a state in Canada
C
Land and anything attached to it (like a house, cabin, shop)
D
things that are sold at an auction
*select an answer for all questions
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