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Credit, Credit Cards, Credit Reports Scores
Test Description: Credit
Instructions: Answer all questions to get your test result.
1) When may a person view his/her credit report for free?
A
if you have good credit, you can get one for free at any time
B
at any time and an unlimited number of times
C
a person may not review his/her credit report
D
once a year, from each of the 3 main credit reporting agencies
2) Which is NOT an example of a data furnisher?
A
landlord
B
utility company
C
credit card company
D
medical provider
3) Jenny is 18 years old and has no credit history, what should she do to build a positive credit history?
A
none of the above
B
get a letter of reference from someone with good credit
C
open a checking account
D
get several credit cards to show she can manage them responsibly
4) Jake has been declined for credit because of his negative credit history. Which statement is most likely to be true?
A
he has applied for 4 credit cards and a car loan in the past 6-weeks
B
Jake has received 3 traffic tickets in the past month, but has paid them all on time
C
He pays his bills consistently and on time
D
Jake is has paid his car loan on time, everytime
5) Which of the following is NOT included in an individual's credit report?
A
bankruptcies foreclosures
B
medical information
C
current and past addresses
D
account balances
6) Edward want to develop a positive credit history. How should he do this?
A
pay cash for all his purchases
B
maintain reasonable amounts of available credit (don't use everything on his limit)
C
open credit accounts in his parent's name
D
have only one type of credit account (loan, credit card, etc.)
7) Ty is trying to explain the difference between open-ended closed-end credit to her sister. Which describes closed-end credit?
A
interest rates can change depending on the loan balance
B
It is a continuous loan the borrower must pay. The amount of the payment can change every month.
C
equal payments are required on a regular basis until the loan is repaid
D
credit limits vary depending on the loan balance
8) Jack is trying to be responsible using his new credit card and does not want to pay interest when using the card. How can he LEGALLY avoid paying interest paying interest?
A
needs to limit the use of credit cards to small purchases
B
pay the credit card balance in full every month by the due date
C
make sure he pays the minimum balance every month by the due date
D
there is not a legal way for him to avoid paying interest if he uses his card
9) Paying the minimum payment on a credit card every month will:
A
pay a large percentage of the total balance owed every month
B
allow the cardholder to avoid paying any interest charges
C
help the card holder create a plan for paying off a credit card in a decent amount of time
D
make the final amount paid substantially higher than the amount originally charged to the credit card
10) Meghan is how paying Penalty APR. What best describes what happened?
A
her card had a low introductory rate for the 1st year and now the interest rate has increased, as stated on her contract
B
when she was out of town for the summer, she asked a friend to send in her June July payments. Her friend forgot.
C
her credit card has been paid in full each of the last 6 months
D
all of the above
11) Which is a general rule to minimize identity theft when dealing with credit reports?
A
keep credit reports in an easily accessible location, so information can be gotten to quickly
B
check each credit report at least once per year
C
what 60 days before letting the credit reporting agency know there is a problem on your credit report
D
report any mistakes to only credit reporting agency and they will inform the others
12) There are how many credit reporting agencies?
A
4
B
1
C
2
D
3
13) What is the range that a credit score covers?
A
300-700
B
500-850
C
500-800
D
300-850
14) Open end credit:
A
car payments are a type of open-end credit
B
is an alternative type of credit
C
is also called revolving credit
D
is also called installment credit
15) Rent to own loan
A
have a low interest rate
B
a loan based on the value of personal property
C
items leased with the condition that the item will be owned by the renter if the contract is completed
D
short-term cash advance secured by a taxpayer's expected tax refund
*select an answer for all questions
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