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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) Which type of credit inquiry usually does NOT impact your credit score?
A
soft checks
B
hard checks
2) The lowest FICO score is
A
100
B
400
C
300
D
200
3) The highest FICO score is
A
1000
B
850
C
950
D
750
4) This gives consumers the right to review and correct their credit report.
A
Equal Credit Opportunity Act
B
Review and Correction Act
C
Credit Review Act
D
Fair Credit Reporting Act
5) The higher the interest rate and the longer the loan term, the _________________ the cost of credit.
A
The interest rate and loan term do not matter.
B
higher
C
lower
6) When items are bought on credit and paid for over a long period of time, the cost to the buyer
A
is more than if the items were bought with cash
B
is the same as if the items were bought with cash
C
is less than if the items were bought with cash
7) Excluding mortgage payments, what is the maximum percentage of take-home pay that should go towards paying off debts (loans, credit cards, etc.)?
A
25%
B
10%
C
20%
D
33%
8) Which is NOT type of credit?
A
House mortgage
B
Car loan
C
Car registration
D
Gas company credit card
9) Joe wants to move into an apartment when he graduates, but is worried that he won't be able to rent due to a lack of credit history. What can Joe do to start building credit?
A
Apply for a store credit card.
B
Close his checking account to avoid bouncing a check.
C
Apply for several major credit cards.
D
Rent an apartment with a friend who will sign the lease.
10) Which of the following is NOT one of the three credit reporting agencies?
A
Experian
B
TransUnion
C
Credit Reports Association
D
Equifax
*select an answer for all questions
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