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Unit 11: The Bottom Line On Borrowing Module 121: Factors That Affect Your Credit Rating
Test Description: Unit 11: The Bottom Line on Borrowing Module 121: Factors That Affect Your Credit Rating
Instructions: Answer all questions to get your test result.
1) many different people will use your credit history , they include
A
Capacity
B
Collateral
C
The annual percentage rate (APR)
D
employers, loan officers, insurance agents, and landlords
2) security given for loan, assets to secure the debt
A
Collateral
B
Capacity
C
Capital
D
Character
3) your ability to repay the debt. Do you have sufficient $money to repay a loan
A
Capacity
B
Capital
C
Character
D
buy a home, purchase a car, make home improvements, get an education, find a better job, or receive better insurance rates.
4) good reputation, Integrity Do you pay your bills on time?refers to a borrower's reputation and history of paying obligations. Does the lender see you as a trustworthy person
A
FDIC 250,000
B
Character
C
The annual percentage rate (APR)
D
A savings plan
5) The true cost of credit that must be disclosed on a loan agreement
A
loan secured by some asset you own
B
there are state usury laws.
C
The annual percentage rate (APR)
D
character, capacity, capital, conditions, and collateral.
6) The Five C's of Credit are factors that determine your creditworthiness
A
cosigner
B
Capital
C
Credit history
D
character, capacity, capital, conditions, and collateral.
7) The amount of an individual's take-home pay after taxes have been taken out
A
Net Income
B
Gross Income
C
Interest rate
D
A savings plan
8) which of the following is a sign that a person is having financial problems
A
changing jobs for a higher salary
B
having high car expenses
C
using checks to pay for bills
D
paying bills with credit card cash advance
9) A personal monthly budget contains both fixed and variable expenses. Which is considered a variable expense
A
car loan payments
B
food
C
rent
D
Life insurance
10) When making a purchase using an installment plan, the consumers agrees to repay the loan
A
with interest
B
without being charged interest.
C
over a specified period of time plus monthly interest charges. In equal payments
D
within a short period of time
*select an answer for all questions
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