Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
Unit 4 Credit Review
Test Description: Review for Personal Finance Unit 4 Credit Test
Instructions: Answer all questions to get your test result.
1) Credit experts recommend that you check the status of your credit reports at least
A
once a year
B
when you apply for your first loan or credit card
C
every time you apply for aloan or credit card
D
never
2) Of the following, which is the best strategy to reduce excessive debt?
A
Pay off loans with the highest interest rate first.
B
File Chapter 7 Bankruptcy.
C
Make regular minimum payments on each loan and credit card until the balances are paid.
D
Use one large loan to pay off all the other debts.
3) Which of the following can impact your credit rating?
A
Making a late car loan payment.
B
Paying cash for a used car.
C
Living with your parents until you earn enough money to afford to rent an apartment.
D
Borrowing money from a friend to pay for lunch.
4) What right must lenders respect according to the Truth in Lending Act?
A
You have the right to know why you were turned down for a loan.
B
You have the right to the lowest possible interest rate when you apply for credit.
C
You have the right to change the loan terms.
D
You have the right to cancel a loan agreement within 10 days of signing the loan.
5) Which is NOT a type of information you will need when you apply for credit?
A
Social Security #, Address, and Phone #
B
Amount of monthly rent or mortgage and other monthly payments on debts
C
Employment information
D
A list of your pets
6) Which of the following will NOT help you build a good credit history?
A
Make occasional late payments on bills.
B
Pay bills on time, and avoid checking account overdrafts.
C
Earn a steady income.
D
Build savings and other capital assets.
7) Which is not one of the 4 C's of credit?
A
Capital
B
Cash
C
Character
D
Collateral
8) An asset of value that lenders can take from you; the property or possessions that may be used as security for a loan.
A
collateral
B
capacity
C
capital
D
character
9) Sources you have for re-paying debts, other than salary (investment account, home, etc.)
A
character
B
capital
C
capacity
D
collateral
10) Key factors of creditworthiness - income and employment history
A
collateral
B
capacity
C
capital
D
character
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?