Unit 4 Credit Review: Question Preview (ID: 3831)


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Your credit history (Are you trustworthy?)
a) collateral b) capacity c) character d) capital
According to the 70-20-10 rule, what percent should of your take-home pay should you save and invest?
a) 10% b) 70% c) 20% d) 30%
According to the 70-20-10 rule, what percent of your take-home pay should you spend on living expenses?
a) 10% b) 70% c) 20% d) 30%
Of the following loans, which should be paid off first? Car loan with a 7% APR, Bank credit card with a 12% APR, Gas credit card with a 15% APR.
a) Car loan b) Bank credit card c) Gas credit card d) It doesn't matter.
If an indivudal has not acquired credit, will they have a credit report?
a) Yes b) No c) d)
Information in a credit report can be divided into 4 categories. Which of the following is not one of the 4 categories?
a) Accounts Summary b) Negative Items c) Credit Inquiries d) Credit Score
Types of accounts, date the account was opened, credit limit/loan amount, account balance, and payment history can be found in which category of a credit report?
a) Personal Information b) Accounts Summary c) Credit Inquiries d) Negative Items
Which is NOT a negative item on a credit report?
a) missed payments b) items turned over to collection agencies c) public records: bankruptcy, tax liens, legal suits, foreclosures d) Accounts paid on time and in full
Which is an example of a soft check?
a) Credit card b) Automobile loan c) Insurance d) Pre-employment checks
Which is an example of a hard check?
a) Individuals checking their credit reports b) Credit card companies pre-approving individuals c) Pre-employment checks d) Automobile loan
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