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Unit 4 Credit Review
Test Description: Review for Personal Finance Unit 4 Credit Test
Instructions: Answer all questions to get your test result.
1) This is usually seen on credit card statements to represent the actual dollar cost of using credit to maintain a balance.
A
annual fee
B
finance charge
C
annual percentage rate
D
late fee
2) A penalty on all types of credit for making a payment after its due date
A
principal
B
annual fee
C
finance charge
D
late fee
3) A detailed record of your personal credit and financial transactions
A
principal
B
credit
C
credit report
D
credit limit
4) A legal process to get out of debt when you can no longer make all your required payments
A
bankruptcy
B
interest
C
origination fee
D
debt
5) On a credit card, the length of time you have before you start accumulating interest on an unpaid balance
A
grace period
B
annual percentage rate
C
credit limit
D
credit score
6) An amount that credit card companies can charge for the use of a credit card.
A
finance charge
B
late fee
C
origination fee
D
annual fee
7) A charge for a loan, usually calculated as a percentage of the principal.
A
interest
B
origination fee
C
annual fee
D
finance charge
8) A rating used by credit reporting agencies to help lenders decide whether and how much credit can be extended to a borrower
A
credit limit
B
credit score
C
credit report
D
principal
9) Amount of money, or something of value, that is loaned on trust and with the expectation that it will be repaid at a later date.
A
principal
B
credit
C
interest
D
debt
10) The amount of money someone is willing to loan you; the amount that is still owed on the loan.
A
debt
B
credit
C
interest
D
principal
*select an answer for all questions
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