Credit Quiz 11 (25 MCQs)

Quiz Instructions:

Select an option to see the correct answer instantly.

1. The length of time before you get charged interest.

2. All of the following terms but one is associated with secure loans

3. The smallest required payment that a credit card holder can pay on a monthly bill and still remain in good standing with the lender.

4. A yearly fee for having an open account

5. A loan obtained when you purchase a home and use the home as collateral is a(n)

6. Which one is NOT a benefit of having a credit card?

7. Financial ability to repay a loan with present income?

8. An example of closed-ended credit is a(n) _____

9. _____ is the entire amount of money you owe to lenders

10. All are advantages of credit except:

11. The FICO score measures all of the following except:

12. Between what number wold you have an excellent credit score?

13. Passed in 1968, requiring all banks to calculate credit costs in the same way.

14. Which is not a good tip to build credit

15. Money you earn each month is called _____

16. Which of the 3 C's of credit is your ability to repay the loan?

17. An example of installment credit is _____

18. A loan that is backed by something of value to insure payment is a

19. What is the most important credit score Key Factor?

20. _____ is the extra money paid to a lender for the use of the lender's money.

21. What is the classic FICO credit score scale?

22. Which group of scores might not get a loan or credit card?

23. Person with strong established credit who signs credit app & contract along with borrower

24. The length of time between your statements, often one month in length.

25. A measure of financial ability to repay a loan