Credit Review
Quiz by Tamara Haight
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4 questions
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- Q1Becky no longer wants to use her Clothes‐R‐Us store credit card. What is the best thing she could do with the credit card?Keep the credit card in her wallet in case she needs proof of identification.File the credit card away for use at a later time.Let a family member take over the credit account so her credit score will not be affected.Close the account by phone and in writing, then destroy the card30s
- Q2When may a person view his/her credit report for free?At any time and an unlimited number of timesOnce a year, from each of the three main credit reporting agenciesA person may not review his/her credit reportIf a person has sufficient financial resources30s
- Q3To answer the essay test question about the meaning of open‐end credit, Ryan should include which statement?Credit is extended in advance so the borrower does not have to apply for credit each time credit is desiredPayments are equal and required to be paid on a regular basis.Individuals are allowed to borrow an unlimited amount of money as long as they pay it backA down payment must be made before receiving a loan30s
- Q4Sarah will turn 18 next month. She plans to apply for a credit card. Which statement is true?Sarah will need to use a special application since she is under 21Sarah can only obtain a credit card if she has a co‐signer or proof of sufficient income to make the required payments.Sarah can obtain a credit card by filling out an application as long as she waits until after her 18th birthday.Sarah cannot obtain a credit card until she turns 2130s