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EPF Module CREDIT Test

Quiz by Pa'Trice Day Owens

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30 questions
Show answers
  • Q1
    A car loan is an example of a closed-end credit.
    True
    False
    60s
  • Q2
    Your debt to income ratio should be high.
    False
    True
    60s
  • Q3
    The best way to use credit is
    Have more debt than your income
    Max out your line of credit for all your credit cards
    Use credit to buy routine items like gas for auto , groceries or dining out
    Pay off balance as soon as possible to avoid interest payments
    60s
  • Q4
    Consumer credit is the use of credit for business needs.
    False
    True
    60s
  • Q5
    A secured loan is one guaranteed to be repaid through collateral.
    False
    True
    60s
  • Q6
    Inflation increases the purchasing power of money.
    False
    True
    60s
  • Q7
    Equifax is a credit bureau.
    False
    True
    60s
  • Q8
    When you cosign a loan for a friend, you may be responsible to make loan payments if the other person fails to.
    True
    False
    60s
  • Q9
    If you file for Chapter 7 Bankruptcy, you will have to sell/liquidate most of your assets.
    False
    True
    60s
  • Q10
    One sign of debt problems is using and paying off your credit cards every month.
    False
    True
    60s
  • Q11
    An example of open-end credit is a(n)
    automobile
    mortgage
    installment loan
    credit card
    60s
  • Q12
    An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term
    False
    True
    60s
  • Q13
    Credit card holders are known as convenience users when they
    carry balances beyond the grace period
    pay finance charges
    pay off their balances each month
    pay finance charges
    60s
  • Q14
    The total dollar amount you pay to use credit is the
    term of the loan
    annual percentage
    debt payment-to-income-ratio
    finance charge
    60s
  • Q15
    An additional person who is considered for a line of credit and shares responsibility for a loan is called
    co-applicant
    friend
    simple interest loan
    cosigner
    60s

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