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Credit Review Part #1
Test Description: Credit Review Lessons 1 and 2
Instructions: Answer all questions to get your test result.
1) Which of the following is NOT one of the three C's of Credit
A
Capacity
B
Concern
C
Character
D
Capital/Collateral
2) In regard to the "Three C's of Credit", what is meant by character...
A
what do you all own or have saved up.
B
what is your ability to earn enough money to repay the loan.
C
what is your family doing.
D
what is there history and living habits do you have
3) In regard to the "Three C's of Credit", what is meant by capacity...
A
what do you all own or have saved up.
B
what is your ability to earn enough money to repay the loan.
C
what is your family doing.
D
what is there history and living habits do you have
4) In regard to the "Three C's of Credit", what is meant by capital/collateral...
A
what is there history and living habits do you have
B
what is your family doing.
C
what do you all own or have saved up.
D
what is your ability to earn enough money to repay the loan.
5) What is a credit score?
A
All of the other answers
B
A snapshot of how good you are with credit
C
Something that banks use
D
A way for banks to grade your credit just like schools grade you academically
6) A good credit score would be 300.
A
False
B
Not this one
C
True
D
Not this one
7) Which of the following is a good way to establish good credit for a young person...
A
Find a job
B
All of the pervious answers
C
Open a checking/savings account
D
Pay all your bills on time
8) Pawnbrokers will give you a loan but it will be at...
A
extremely high interest rate
B
against the law
C
have a very low interest rate
D
your best option
9) Who is your favorite teacher?
A
Mr. Scherer
B
Mrs. Bad Teacher
C
Mr. Not the Right Answer
D
Mrs. Fake Teacher
10) What is it called when a bank/company takes back what was sold on an installment plan if payments are not made as agreed.
A
default
B
repossess
C
securities
D
dependent
*select an answer for all questions
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