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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) True or False: To pay less interest and pay off your balance sooner, you should pay more than the minimum payment amount.
A
False
B
True
2) True or False: Charging small, everyday purchases is a good practice.
A
True
B
False
3) True or False: Arranging for automatic payments for your monthly bills is a smart practice because it helps prevent late payments.
A
False
B
True
4) True or False: It is not important to read the fine print of a credit card or loan application before you sign it.
A
False
B
True
5) True or False: Be choosy about your credit, and don\'t apply for more than you actually need.
A
False
B
True
6) True or False: Try to pay your bills as soon as they come in.
A
False
B
True
7) Get into a saving mode so you rarely need credit or loans for your purchases.
A
True
B
False
8) Which describes credit best?
A
Pay now, pay later
B
Buy now, buy later
C
Buy now, pay later
D
Pay now, buy later
9) True or False: Overspending will not lead to debt.
A
False
B
True
10) True or False: You can get 2 free credit reports per year from each of the 3 credit reporting agencies.
A
True
B
False
*select an answer for all questions
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