Unit 4 Credit Review Question Preview (ID: 3832)


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

This act prohibits credit discrimination.
a) Truth in Lending Act
b) Fair Credit and Reporting Act
c) Equal Credit Opportunity Act
d)

Which of the following is NOT used to calculate a credit score?
a) Promotions
b) Payment history
c) Outstanding debt
d) Credit history

Which is a benefit of a good credit score?
a) Informs the lender a consumer is a high risk
b) Informs the lender a consumer is not financially responsible
c) The consumer might have to pay a higher interest rate.
d) The consumer is more likely to have access to additional credit in the future, when needed.

Which is a drawback of a bad credit score?
a) Informs the lender a consumer is financially reponsible
b) Informs the lender a consumer is a low risk
c) The consumer may be denied credit or be required to pay a higher interest rate.
d) The consumer may get to pay a lower interest rate.

Which is the only government-sponsored web site where you can obtain a free credit report annually from each of the three credit reporting agencies?
a) freecreditreport.com
b) annualcreditreport.com
c) ineedafreecreditreport.com
d) idontwanttopayformycreditreport.com

True or False: 2 common mistakes on credit reports are fraud (identity theft) and mistaken identity.
a) True
b) False
c)
d)

Which type of bankruptcy allows you to erase most of your debt?
a) Chapter 13
b) Chapter 7
c)
d)

True or False: You must be unemployed or have a very low income to declare Chapter 7 bankruptcy.
a) True
b) False
c)
d)

True or False: Financial counseling is recommended for those filing Chapter 7 bankruptcy, but not required.
a) True
b) False
c)
d)

Which type of bankruptcy allows you to re-structure your debt and repay many of your debts over 3-5 years time (The court oversees the repayment plan.)?
a) Chapter 7
b) Chapter 13
c)
d)

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