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Managing Credit Test Review

Quiz by Angela Pendergraff

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18 questions
Show answers
  • 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

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