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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) Your credit history (Are you trustworthy?)
A
collateral
B
capital
C
character
D
capacity
2) According to the 70-20-10 rule, what percent should of your take-home pay should you save and invest?
A
10%
B
70%
C
20%
D
30%
3) According to the 70-20-10 rule, what percent of your take-home pay should you spend on living expenses?
A
20%
B
10%
C
30%
D
70%
4) Of the following loans, which should be paid off first? Car loan with a 7% APR, Bank credit card with a 12% APR, Gas credit card with a 15% APR.
A
Bank credit card
B
Gas credit card
C
It doesn't matter.
D
Car loan
5) If an indivudal has not acquired credit, will they have a credit report?
A
No
B
Yes
6) Information in a credit report can be divided into 4 categories. Which of the following is not one of the 4 categories?
A
Negative Items
B
Credit Inquiries
C
Accounts Summary
D
Credit Score
7) Types of accounts, date the account was opened, credit limit/loan amount, account balance, and payment history can be found in which category of a credit report?
A
Personal Information
B
Credit Inquiries
C
Negative Items
D
Accounts Summary
8) Which is NOT a negative item on a credit report?
A
Accounts paid on time and in full
B
public records: bankruptcy, tax liens, legal suits, foreclosures
C
items turned over to collection agencies
D
missed payments
9) Which is an example of a soft check?
A
Automobile loan
B
Credit card
C
Pre-employment checks
D
Insurance
10) Which is an example of a hard check?
A
Individuals checking their credit reports
B
Automobile loan
C
Pre-employment checks
D
Credit card companies pre-approving individuals
*select an answer for all questions
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