Managing Credit Test Review
Quiz by Angela Pendergraff
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
- Q1
Jonelle selects a student loan repayment plan with a 20-year term. One downside is...
Her monthly payments will start out quite high and won't get lower until approximately year 10
She won't receive any grace period with this plan
She will pay more in interest than if she had used the standard repayment plan
She won't be able to open additional lines of credit until that debt is completely repaid
30s - Q2
Which statement best describes the difference between a debit and credit card?
Debit cards spend money from your own checking account while credit cards take out a loan from the credit company
Debit cards are better to use in stores while credit cards are better for shopping online
Debit cards allow you to view all your transactions online while credit cards only show your available credit limit
Debit cards have low-interest rates while credit cards have high-interest rates
30s - Q3
Which account would be best for setting aside $5,000 if this money was not needed for a few years and you wanted to earn the highest interest rate?
certificate of deposit
traditional savings account
checking account
online savings account
30s - Q4
What will help improve your credit score?
Paying bills on time
Having thousands of dollars saved & in your savings account
Time
Using 10 different credit cards to make purchases
30s - Q5
In order to build an emergency fund, what is the best course of action?
ask yourself the question, "do I need this item or want this item," every time you make a purchase
try to simply put back an extra $15 a month into savings
stop making your student loan payment and put that money in your savings account
set up a direct deposit from you monthly paycheck that goes directly into your savings account. Pay Yourself First method.
30s - Q6
What happens when you ONLY pay the minimum payment due on your credit card each month?
You will pay the least amount of interest to the credit card company
You will pay the largest amount of interest to the credit card company
Nothing happens. You are simply making payments to the credit card company on your purchases
You will pay exactly what is needed in interest to the credit card company
30s - Q7
Should you shred all unneeded mail and financial documents that have your personal and account information?
No
Yes
30s - Q8
How many credit bureaus are there?
5
4
3
2
30s - Q9
If you have a good credit score, which of the following would be true?
you would receive higher interest rates on credit cards and loans
your approval for homes or rental apartments would be harder
you could get a higher rate of return on your retirement fund
you would get better car insurance rates
30s - Q10
Someone would have a thin file if...
they were new to establishing credit
they were only using credit cards, no car loan, mortgage, etc
they had multiple types of credit open
they had filed bankruptcy and had to begin again
30s - Q11
How often can you receive your credit report at no cost?
every two years
monthly
yearly
twice a year
30s - Q12
Which site is correct to obtain your free credit report?
annualcreditreport.com
getmycreditreport.com
creditreport.gov
freecreditreport.com
30s - Q13
Which of the following service providers may use credit scores to decide whether a person can buy a service and/or what price he or she will pay?
credit card issuer
mortgage lender
all of these
electric utility
30s - Q14
Which of these groupings contains three factors that are all used to calculate a credit score?
Marital status, high balances on credit cards, and personal bankruptcy
Missed loan payments, high balances on credit cards, and ethnic origin
A person's age, high balances on credit cards, and ethnic origin
Missed loan payments, high balances on credit cards, and personal bankruptcy
30s - Q15
Who collects the information on which credit scores are most frequently based?
Federal Government
Three main credit bureaus: Experian, Equifax, and TransUnion
FICO and VantageScore Solutions
Individual lenders
30s