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Borrowing/Credit
Test Description: Borrowing/Credit review
Instructions: Answer all questions to get your test result.
1) Closed-end credit is also known as revolving credit.
A
False
B
True
2) “Balance transfer fees” and “cash advance fees” are both examples of Transaction Fees.
A
True
B
False
3) The trade-off to no credit history check is lower interest rates and fees.
A
False
B
True
4) A borrower is a person or organization that makes funds available for others to borrow.
A
True
B
False
5) Public information on your credit report includes things like tax leins, bankruptcy, and foreclosures.
A
False
B
True
6) The three credit reporting agencies are Equifax, TransUnion, and Experian.
A
False
B
True
7) Credit availability depends on lenders trusting that you will pay back the loan as agreed.
A
True
B
False
8) A Schumer Box helps you to closely compare credit card offers by displaying the information in plain English in an easy-to-read table.
A
False
B
True
9) It is important to read your monthly credit card statement to check for errors or unauthorized charges.
A
False
B
True
10) A cash advance is when you use your credit card at an ATM to withdraw cash.
A
False
B
True
11) Paying the minimum payment on a credit card every month will:
A
make the final amount paid substantially higher than the amount initially charged to the card
B
pay a large percentage of the total balance owed every month
C
help the cardholder create a plan for paying off a credit card in a decent amount of time
D
allow the cardholder to avoid paying any interest charges
12) Sarah will turn 18 next month. She plans to apply for a credit card. Which statement is true?
A
Sarah cannot obtain a credit card until she turns 21.
B
Sarah can only obtain a credit card by filling out an application as long as she waits until after her 18th birthday.
C
Sarah can only obtain a credit card if she has a co-signer or proof of sufficient income to make the required payments.
D
Sarah will need to use a special application since she is under 25.
13) When may a person view his/her credit report for free?
A
At any time and an unlimited number of times
B
If a person has sufficient financial resources
C
A person may not review his/her credit report
D
Once a year, from each of the three main credit reporting agencies
14) Which of the following is NOT included in an individual’s credit report?
A
Account balances
B
Current and past addresses
C
Medical information
D
Bankruptcies and foreclosures
15) The maximum amount that you can borrow at any one time
A
microloans
B
service credit
C
loan term
D
credit limit
16) known as 'reorganization', when a repayment plan is created to pay back a portion of your debt over a 3-5 year period
A
Chapter 13
B
Chapter 8
C
Chapter 7
D
Chapter 11
17) A quick guideline for how much debt you should reasonably have.
A
40-20
B
30-10
C
10-5
D
20-10
18) When money is taken directly from your wages to pay back debts.
A
direct credit
B
extraction
C
apprehend
D
garnish
*select an answer for all questions
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