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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) A charge for setting up a loan that is typically associated with home loans.
A
finance charge
B
late fee
C
origination fee
D
principal
2) The total amount of what it costs you to use credit in a given year; expressed as a percentage of the amount borrowed.
A
interest
B
Annual Percentage Rate
C
finance charge
D
late fee
3) The entire amount of money you owe to lenders
A
credit
B
credit report
C
debt
D
finance charge
4) Maximum amount of credit a lender will extend to the customer
A
credit cap
B
credit limit
C
credit score
D
credit report
5) A record of how you have repaid your credit obligations
A
credit record
B
credit past
C
credit history
D
credit payments
6) This is included in many credit card company agreements that allows a credit card company to increase your interest rate if you make just one late payment.
A
shame on you clause
B
negative credit clause
C
late payment clause
D
universal default clause
7) The length of time you have to pay off a loan
A
loan extension
B
loan time frame
C
loan term
D
loan time period
8) A fee on credit cards for making charges over your credit limit
A
origination fee
B
annual fee
C
over-the-limit fee
D
late fee
9) How many free credit reports can you get per year from each of the three credit reporting agencies?
A
2
B
4
C
1
D
3
10) Requests for an individual's credit report
A
credit inquiries
B
credit requests
C
pursuit of new credit
D
credit obligations
*select an answer for all questions
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