Consumer Economics - Credit Unit Review: Question Preview (ID: 27148)

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What would an APR help you analyze?
a) Credit limit offered by a lender
b) Terms and conditions of a credit card offer
c) Interest rate on a credit card offer
d) Minimum payment on a credit card bill

What should you do if you find an error on your credit report?
a) There's nothing you can do
b) Sue your lender
c) File a dispute with the Credit Reporting Agency
d) File a dispute with the government

Which is NOT one of the credit reporting agencies
a) Experian
b) Transunion
c) Equifax
d) Wellpoint

Which is the most important factor impacting your credit score?
a) Credit History
b) Payment History
c) Outstanding debt
d) Types of credit in use

Which is the ONLY free, government-sponsored website?

Which refers to a person's ABILITY to repay a loan?
a) Capacity
b) Collateral
c) Credit History
d) Capital

An auto loan is an example of which type of credit?
a) Open-ended credit
b) Closed-ended credit
c) Neither
d) Both

A credit card is an example of which type of credit?
a) Revolving credit
b) Installment credit
c) Neither
d) Both

Which is not one of the 5 C's for determining how much credit you get?
a) Capacity
b) Collateral
c) Credit history
d) Cash available

How many Credit Reporting Agencies (CRAs) are there?
a) 1
b) 2
c) 3
d) 4

What is a Schumer Box?
a) The place you look to find your minimum payment on a credit card bill.
b) A summary of credit card costs found on a statement.
c) A law related to credit cards.
d) A list of your transactions on your credit card statement.

Which of the following is NOT a component of your credit score?
a) Credit History
b) Pursuit of new credit
c) Outstanding debt
d) Interest rate you pay for loans

Which of the following would be considered a disadvantage to owning a credit card?
a) Having a form of payment in case of emergencies.
b) You can build a credit history.
c) You will always be charged interest if you use it.
d) It makes it easier to overspend.

Which of the following protects against discrimination based on age, sex, race, etc?
a) Equal Credit Opportunity Act
b) Truth in Lending Act
c) 2009 Credit CARD Act
d) Fair Credit Reporting Act

Which of the following laws put in place consumer protections against unfair practices by the credit card companies?
a) 2009 Credit CARD Act
b) Fair Credit Reporting Act
c) Equal Credit Opportunity Act
d) Truth in Lending Act

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