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Credit Review

Quiz by Tamara Haight

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4 questions
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  • Q1
    Becky 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 card
    30s
  • Q2
    When may a person view his/her credit report for free?
    At any time and an unlimited number of times
    Once a year, from each of the three main credit reporting agencies
    A person may not review his/her credit report
    If a person has sufficient financial resources
    30s
  • Q3
    To 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 desired
    Payments 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 back
    A down payment must be made before receiving a loan
    30s
  • Q4
    Sarah 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 21
    Sarah 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 21
    30s

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