D/S Unit 2 Review Question Preview (ID: 34352)
D/S Final Review.
TEACHERS: click here for quick copy question ID numbers.
Which of the following is not a factor in determining a FICO score?
a) Paying cash for all purchases
b) Getting a personal loan from a bank
c) Using credit cards
d) Taking out a mortgage on a house
Which of the following best summarizes how the use of a credit card for purchases instead of cash can change oneʹs spending behavior?
a) Studies show that consumers typically spend more when using credit as opposed to cash purchases.
b) People typically spend less when they know that they are earning credit card ʺrewards.ʺ
c) Studies show that there is no change in spending behavior whether a person uses cash or credit.
d) Spending behavior does not matter as long as you pay off the credit card balance each month.
If you do not have a FICO score, what factors will determine whether or not you qualify for a mortgage?
a) History of rental and utility payments, plus your down payment amount and employment history
b) History of rental and utility payments
c) Amount of your down payment and employment history
d) You cannot get a mortgage without a credit history
A credit score is intended to measure:
a) The risk of you not repaying your debt
b) Your income level
c) Your financial success
d) The amount of money you have in the bank
Individual account information is removed from your credit report seven years after the last activity on the account, except for Chapter 7 bankruptcy, which stays on your credit report for:
a) 10 years
b) 1 year
c) 5 years
d) 20 years
You must establish credit in order to buy a house.
a) False
b) True
c)
d)
You can and should obtain a free copy of your credit report annually in order to check for any suspicious activity.
a) True
b) False
c)
d)
It is okay to use a credit card if you pay it off every month.
a) False
b) True
c)
d)
Teens are a huge target of credit card companies today.
a) True
b) False
c)
d)
Co-signing a loan is a good way to help a friend or relative.
a) False
b) True
c)
d)
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