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11/29/ Quiz - Credit and debt

Quiz by John Peters

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26 questions
Show answers
  • Q1
    What is the term for the price of using someone else’s money?
    Investment
    Interest
    Profit
    Principal
    300s
  • Q2
    What 4 letter acronym begins a credit score?
    FICO
    AMEX
    VISA
    NYSE
    300s
  • Q3
    The most important element affecting your credit score is your:
    payment history
    types of credit used
    length of credit history
    credit utilization
    300s
  • Q4
    What would be the minimum payment on a balance of $85 if the minimum payment requirement is $3.00 or 5%, whichever is more?
    $3.00
    $4.00
    $5.00
    $4.25
    300s
  • Q5
    What are the four C’s of Credit?
    Capacity, Capital, Collateral, Character
    Capacity, Condition, Collateral, Character
    Credit, Cash, Collateral, Character
    Capacity, Capital, Collateral, Country
    300s
  • Q6
    Donald's credit application has been declined because of his poor credit history. Which statement is most likely to be true?
    Donald has a history of not paying his bills on time
    Donald has a history of paying his bills on time
    Donald has never applied for credit before
    Donald has a perfect credit score
    300s
  • Q7
    What is a credit score used for?
    Determining a person's creditworthiness
    Determining a person's income level
    Determining a person's age
    Determining a person's occupation
    300s
  • Q8
    What is the consequence of missing credit card payments?
    Your credit score will be negatively affected
    You'll have access to more credit
    You'll receive cash rewards
    You'll get a lower interest rate
    300s
  • Q9
    How many free credit reports are you legally entitled to per year from each credit bureau?
    3
    4
    1
    2
    300s
  • Q10
    The _____________ prevents lenders from denying credit on basis of race, gender, age, religion, marital status, national origin and public assistance.
    Fair Housing Act (FHA)
    Equal Credit Opportunity Act (ECOA)
    Fair Credit Reporting Act (FCRA)
    Consumer Credit Protection Act (CCPA)
    300s
  • Q11
    What is the main difference between secured and unsecured credit?
    Secured credit can be obtained without a credit check
    Secured credit offers lower interest rates than unsecured credit
    Unsecured credit has a longer repayment period than secured credit
    Secured credit requires collateral, while unsecured credit does not
    300s
  • Q12
    What happens if a borrower defaults on a secured loan?
    The collateral is returned to the borrower
    The loan is forgiven and the borrower does not have to repay it
    The borrower's credit score improves
    The lender can seize the collateral
    300s
  • Q13
    What is the repayment structure for installment credit?
    Installment credit requires fixed monthly payments over a specified period of time.
    Installment credit allows for minimum monthly payments based on outstanding balance.
    Installment credit has no predetermined repayment structure.
    Installment credit requires repayment of the full balance within 30 days.
    300s
  • Q14
    What is the primary purpose of revolving credit?
    To provide ongoing access to funds for daily expenses and unexpected costs.
    To establish a credit history with regular monthly payments.
    To earn cashback and rewards on purchases.
    To finance large one-time purchases like homes and cars.
    300s
  • Q15
    What is the difference between revolving and installment credit?
    Revolving credit allows you to borrow money from a bank, while installment credit allows you to borrow money from a credit card.
    Revolving credit allows you to borrow up to a predetermined limit and repay a portion of the balance each month, while installment credit is a loan that is repaid with fixed monthly payments over a set period.
    Revolving credit has lower interest rates than installment credit.
    300s

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