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D/S Unit 2 Review
Test Description: D/S Final Review
Instructions: Answer all questions to get your test result.
1) Which of the following is not a factor in determining a FICO score?
A
Getting a personal loan from a bank
B
Using credit cards
C
Taking out a mortgage on a house
D
Paying cash for all purchases
2) Which of the following best summarizes how the use of a credit card for purchases instead of cash can change oneʹs spending behavior?
A
Studies show that consumers typically spend more when using credit as opposed to cash purchases.
B
People typically spend less when they know that they are earning credit card ʺrewards.ʺ
C
Studies show that there is no change in spending behavior whether a person uses cash or credit.
D
Spending behavior does not matter as long as you pay off the credit card balance each month.
3) If you do not have a FICO score, what factors will determine whether or not you qualify for a mortgage?
A
You cannot get a mortgage without a credit history
B
History of rental and utility payments
C
History of rental and utility payments, plus your down payment amount and employment history
D
Amount of your down payment and employment history
4) A credit score is intended to measure:
A
Your financial success
B
The amount of money you have in the bank
C
The risk of you not repaying your debt
D
Your income level
5) Individual account information is removed from your credit report seven years after the last activity on the account, except for Chapter 7 bankruptcy, which stays on your credit report for:
A
10 years
B
20 years
C
5 years
D
1 year
6) You must establish credit in order to buy a house.
A
False
B
True
7) You can and should obtain a free copy of your credit report annually in order to check for any suspicious activity.
A
False
B
True
8) It is okay to use a credit card if you pay it off every month.
A
False
B
True
9) Teens are a huge target of credit card companies today.
A
True
B
False
10) Co-signing a loan is a good way to help a friend or relative.
A
True
B
False
*select an answer for all questions
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