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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) Credit experts recommend that you check the status of your credit reports at least
A
once a year
B
never
C
every time you apply for aloan or credit card
D
when you apply for your first loan or credit card
2) Of the following, which is the best strategy to reduce excessive debt?
A
File Chapter 7 Bankruptcy.
B
Use one large loan to pay off all the other debts.
C
Make regular minimum payments on each loan and credit card until the balances are paid.
D
Pay off loans with the highest interest rate first.
3) Which of the following can impact your credit rating?
A
Borrowing money from a friend to pay for lunch.
B
Paying cash for a used car.
C
Living with your parents until you earn enough money to afford to rent an apartment.
D
Making a late car loan payment.
4) What right must lenders respect according to the Truth in Lending Act?
A
You have the right to know why you were turned down for a loan.
B
You have the right to change the loan terms.
C
You have the right to cancel a loan agreement within 10 days of signing the loan.
D
You have the right to the lowest possible interest rate when you apply for credit.
5) Which is NOT a type of information you will need when you apply for credit?
A
A list of your pets
B
Amount of monthly rent or mortgage and other monthly payments on debts
C
Employment information
D
Social Security #, Address, and Phone #
6) Which of the following will NOT help you build a good credit history?
A
Build savings and other capital assets.
B
Earn a steady income.
C
Pay bills on time, and avoid checking account overdrafts.
D
Make occasional late payments on bills.
7) Which is not one of the 4 C's of credit?
A
Character
B
Collateral
C
Cash
D
Capital
8) An asset of value that lenders can take from you; the property or possessions that may be used as security for a loan.
A
collateral
B
character
C
capital
D
capacity
9) Sources you have for re-paying debts, other than salary (investment account, home, etc.)
A
capacity
B
character
C
collateral
D
capital
10) Key factors of creditworthiness - income and employment history
A
character
B
collateral
C
capital
D
capacity
*select an answer for all questions
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