Unit 4 Credit Review Question Preview (ID: 3833)


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

Which is NOT a reward/advantage of using credit?
a) interest
b) convenience
c) protection
d) emergencies

Which is NOT a risk/disadvantage of using credit?
a) debt
b) opportunity to build credit
c) interest
d) overspending

Which of the following makes up 15% of your credit score?
a) outstanding debt
b) pursuit of new credit
c) credit history
d) payment history

Which of the following makes up 35% of your credit score?
a) payment history
b) types of credit in use
c) pursuit of new credit
d) credit history

True or False: A shorter credit history will generally increase a credit score.
a) True
b) False
c)
d)

True or False: A high percentage of outstanding debt will negatively impact a credit score.
a) True
b) False
c)
d)

True or False: Late or missed payments will positively impact a credit score.
a) True
b) False
c)
d)

True or False: Opening too many types of accounts in a short period of time has a negative impact on a credit score.
a) True
b) False
c)
d)

True or False: A variety of credit is generally good to have.
a) True
b) False
c)
d)

True or False: A FICO score is only based upon credit use.
a) True
b) False
c)
d)

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