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Unit 4 Credit Review
Test Description: Review for Personal Finance Unit 4 Credit Test
Instructions: Answer all questions to get your test result.
1) This act prohibits credit discrimination.
A
Truth in Lending Act
B
Fair Credit and Reporting Act
C
Equal Credit Opportunity Act
2) Which of the following is NOT used to calculate a credit score?
A
Outstanding debt
B
Payment history
C
Promotions
D
Credit history
3) Which is a benefit of a good credit score?
A
The consumer might have to pay a higher interest rate.
B
Informs the lender a consumer is not financially responsible
C
The consumer is more likely to have access to additional credit in the future, when needed.
D
Informs the lender a consumer is a high risk
4) Which is a drawback of a bad credit score?
A
The consumer may be denied credit or be required to pay a higher interest rate.
B
Informs the lender a consumer is a low risk
C
Informs the lender a consumer is financially reponsible
D
The consumer may get to pay a lower interest rate.
5) Which is the only government-sponsored web site where you can obtain a free credit report annually from each of the three credit reporting agencies?
A
ineedafreecreditreport.com
B
freecreditreport.com
C
annualcreditreport.com
D
idontwanttopayformycreditreport.com
6) True or False: 2 common mistakes on credit reports are fraud (identity theft) and mistaken identity.
A
False
B
True
7) Which type of bankruptcy allows you to erase most of your debt?
A
Chapter 13
B
Chapter 7
8) True or False: You must be unemployed or have a very low income to declare Chapter 7 bankruptcy.
A
False
B
True
9) True or False: Financial counseling is recommended for those filing Chapter 7 bankruptcy, but not required.
A
True
B
False
10) Which type of bankruptcy allows you to re-structure your debt and repay many of your debts over 3-5 years time (The court oversees the repayment plan.)?
A
Chapter 7
B
Chapter 13
*select an answer for all questions
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