Unit 4 Credit Review Question Preview (ID: 3828)


Review For Personal Finance Unit 4 Credit Test. TEACHERS: click here for quick copy question ID numbers.

A charge for setting up a loan that is typically associated with home loans.
a) origination fee
b) late fee
c) finance charge
d) principal

The total amount of what it costs you to use credit in a given year; expressed as a percentage of the amount borrowed.
a) interest
b) finance charge
c) Annual Percentage Rate
d) late fee

The entire amount of money you owe to lenders
a) credit
b) credit report
c) finance charge
d) debt

Maximum amount of credit a lender will extend to the customer
a) credit limit
b) credit cap
c) credit score
d) credit report

A record of how you have repaid your credit obligations
a) credit past
b) credit record
c) credit history
d) credit payments

This is included in many credit card company agreements that allows a credit card company to increase your interest rate if you make just one late payment.
a) late payment clause
b) universal default clause
c) negative credit clause
d) shame on you clause

The length of time you have to pay off a loan
a) loan term
b) loan extension
c) loan time frame
d) loan time period

A fee on credit cards for making charges over your credit limit
a) late fee
b) origination fee
c) annual fee
d) over-the-limit fee

How many free credit reports can you get per year from each of the three credit reporting agencies?
a) 1
b) 2
c) 3
d) 4

Requests for an individual's credit report
a) credit requests
b) credit inquiries
c) pursuit of new credit
d) credit obligations

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