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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) A charge for setting up a loan that is typically associated with home loans.
A
finance charge
B
origination fee
C
principal
D
late fee
2) The total amount of what it costs you to use credit in a given year; expressed as a percentage of the amount borrowed.
A
Annual Percentage Rate
B
interest
C
late fee
D
finance charge
3) The entire amount of money you owe to lenders
A
credit report
B
debt
C
credit
D
finance charge
4) Maximum amount of credit a lender will extend to the customer
A
credit report
B
credit limit
C
credit cap
D
credit score
5) A record of how you have repaid your credit obligations
A
credit past
B
credit record
C
credit payments
D
credit history
6) This is included in many credit card company agreements that allows a credit card company to increase your interest rate if you make just one late payment.
A
universal default clause
B
negative credit clause
C
shame on you clause
D
late payment clause
7) The length of time you have to pay off a loan
A
loan extension
B
loan term
C
loan time period
D
loan time frame
8) A fee on credit cards for making charges over your credit limit
A
over-the-limit fee
B
late fee
C
annual fee
D
origination fee
9) How many free credit reports can you get per year from each of the three credit reporting agencies?
A
3
B
2
C
1
D
4
10) Requests for an individual's credit report
A
pursuit of new credit
B
credit obligations
C
credit inquiries
D
credit requests
*select an answer for all questions
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