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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) Which is NOT a reward/advantage of using credit?
A
convenience
B
interest
C
emergencies
D
protection
2) Which is NOT a risk/disadvantage of using credit?
A
opportunity to build credit
B
overspending
C
debt
D
interest
3) Which of the following makes up 15% of your credit score?
A
pursuit of new credit
B
payment history
C
outstanding debt
D
credit history
4) Which of the following makes up 35% of your credit score?
A
pursuit of new credit
B
payment history
C
types of credit in use
D
credit history
5) True or False: A shorter credit history will generally increase a credit score.
A
False
B
True
6) True or False: A high percentage of outstanding debt will negatively impact a credit score.
A
False
B
True
7) True or False: Late or missed payments will positively impact a credit score.
A
True
B
False
8) True or False: Opening too many types of accounts in a short period of time has a negative impact on a credit score.
A
False
B
True
9) True or False: A variety of credit is generally good to have.
A
True
B
False
10) True or False: A FICO score is only based upon credit use.
A
False
B
True
*select an answer for all questions
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