Credit and debt
Quiz by John Peters
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27 questions
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- Q1What is the term for the price of using someone else’s money?InvestmentInterestProfitPrincipal30s
- Q2What 4 letter acronym begins a credit score?FICOAMEXVISANYSE30s
- Q3The most important element affecting your credit score is your:payment historytypes of credit usedlength of credit historycredit utilization30s
- Q4What 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$4.2530s
- Q5What are the four C’s of Credit?Capacity, Capital, Collateral, CharacterCapacity, Condition, Collateral, CharacterCredit, Cash, Collateral, CharacterCapacity, Capital, Collateral, Country30s
- Q6Donald'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 timeDonald has a history of paying his bills on timeDonald has never applied for credit beforeDonald has a perfect credit score30s
- Q7What is a credit score used for?Determining a person's creditworthinessDetermining a person's income levelDetermining a person's ageDetermining a person's occupation30s
- Q8Paying the minimum payment on a credit card every month will:Eliminate all future feesLower the interest rateKeep accruing interest over timePay off the balance in full30s
- Q9What is the consequence of missing credit card payments?Your credit score will be negatively affectedYou'll have access to more creditYou'll receive cash rewardsYou'll get a lower interest rate30s
- Q10How many free credit reports are you legally entitled to per year from each credit bureau?341230s
- Q11The _____________ 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)30s
- Q12What is the main difference between secured and unsecured credit?Secured credit can be obtained without a credit checkSecured credit offers lower interest rates than unsecured creditUnsecured credit has a longer repayment period than secured creditSecured credit requires collateral, while unsecured credit does not30s
- Q13What happens if a borrower defaults on a secured loan?The collateral is returned to the borrowerThe loan is forgiven and the borrower does not have to repay itThe borrower's credit score improvesThe lender can seize the collateral30s
- Q14What 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.30s
- Q15What 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.30s