Unit 4 Credit Review: Question Preview (ID: 3831)

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Your credit history (Are you trustworthy?)
a) collateral
b) capacity
c) character
d) capital

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%

According to the 70-20-10 rule, what percent of your take-home pay should you spend on living expenses?
a) 10%
b) 70%
c) 20%
d) 30%

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) Car loan
b) Bank credit card
c) Gas credit card
d) It doesn't matter.

If an indivudal has not acquired credit, will they have a credit report?
a) Yes
b) No

Information in a credit report can be divided into 4 categories. Which of the following is not one of the 4 categories?
a) Accounts Summary
b) Negative Items
c) Credit Inquiries
d) Credit Score

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) Accounts Summary
c) Credit Inquiries
d) Negative Items

Which is NOT a negative item on a credit report?
a) missed payments
b) items turned over to collection agencies
c) public records: bankruptcy, tax liens, legal suits, foreclosures
d) Accounts paid on time and in full

Which is an example of a soft check?
a) Credit card
b) Automobile loan
c) Insurance
d) Pre-employment checks

Which is an example of a hard check?
a) Individuals checking their credit reports
b) Credit card companies pre-approving individuals
c) Pre-employment checks
d) Automobile loan

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