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Credit Quiz Review

Quiz by Brett Anderson

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16 questions
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  • Q1
    Which is not one of the "Three C's of Credit?
    Capital
    Capacity
    Commercial
    Character
    30s
  • Q2
    Which is an example of collateral?
    birth certificate
    Car title
    Your pet dog
    $50
    30s
  • Q3
    Which is not an advantage of using credit?
    Establishing a credit history
    Satisfies wants immediately
    Increased standard of living
    Free money
    30s
  • Q4
    What are the two types of credit?
    Sales Credit, Loan Credit
    Consumer Credit, Expense Credit
    Loan Credit, Expense Credit
    Sales Credit, Consumer Credit
    30s
  • Q5
    What is installment credit?
    Forgo your payments and file bankruptcy
    When you make your payment all at once
    When you make payments periodically over time
    When you don't owe any interest
    30s
  • Q6
    Which is an example of service credit?
    Buying new clothes
    renting a home
    Going to the doctor
    buying a car
    30s
  • Q7
    Which is true of Individual store credit cards?
    There is no fee to open this card
    They can't charge you interest
    You can use this card at any store
    There is a fee for this card
    30s
  • Q8
    What does a credit bureau do?
    Provides credit reports and scores to creditors
    Collection agency that collects from those who have unpaid credit
    Decide whether to give you a loan or not
    Provide credit cards to customers.
    30s
  • Q9
    Which of these is not a credit reporting agency?
    Equifax
    AmericanExpress
    Experian
    TransUnion
    30s
  • Q10
    What is the range of credit scores you may receive?
    250-750
    275-800
    300-850
    250-650
    30s
  • Q11
    Which is not one of the elements of a contract?
    Offer and Acceptance
    Competent Parties
    Consideration
    Communication
    30s
  • Q12
    What is Accerleration Clause?
    When you can pay off your credit as fast as you want
    When you can't make your payments anymore and they repossess your item
    When you switch to larger payments to accelerate the payment process
    If one payment is missed, all remaining payments are immediately due
    30s
  • Q13
    Which is not a factor of Chapter 7 Bankruptcy?
    Bank sells assets and pays of creditors.
    Must list all assets and their value
    Must list all creditors and debts
    Creditors stop charging interest until you pay it off
    30s
  • Q14
    If you file bankruptcy, how long does that remain on your credit history?
    7 years
    15 years
    10 years
    8 years
    30s
  • Q15
    You bought a TV and were paying for it and then bought a sofa, the seller then ties the TV and sofa together so that both must be paid off before you get the title to each. This is an example of what?
    Credit Clause
    Add-on Clause
    Balloon Clause
    Accelleration Clause
    30s

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