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Credit Review
Test Description: Review of credit lesson
Instructions: Answer all questions to get your test result.
1) Which of the following is NOT one of the factors that help make up your credit history?
A
level of education completed
B
Amount you owe
C
Payment history
D
Length of credit history
2) A.P.R. stands for:
A
Actual Percentage Rate
B
Annual Payment Rate
C
Annual Percentage Rate
D
None of the above
3) Which is NOT one of the five C's of credit:
A
Conditions
B
Collateral
C
Capability
D
Capital
4) Who decides your credit score?
A
Banks
B
The local Police Department
C
Independent companies
D
The federal Government
5) A persons credit score can fall anywhere in between what two numbers?
A
500-1,000
B
100-200
C
600-700
D
300-850
6) Which of these is a negative consequence of a poor credit score?
A
lower credit limit
B
All of the above
C
High A.P.R on credit cards
D
Difficulty gaining employment
7) A credit limit is the:
A
None of the above
B
Maximum amount of money a credit card holder is allowed to borrow using a specific credit card.
C
The limit that is put on the amount of credit cards a person can own
D
The risk that a borrower may not repay a loan on time.
8) Which of the following is a reason someone may want to own a credit card?
A
Build your credit score
B
Allows people to buy things that they otherwise would not be able to afford.
C
Both B and C
D
Easy access to cash
9) What does your credit score tell about you?
A
If you are a good person
B
How many assets you have
C
Where you have been employed
D
Your creditworthiness
10) Which of these is a not a type of a loan?
A
Debit Card
B
Credit Card
C
Financing a car
D
Mortgage
*select an answer for all questions
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