This quiz works best with JavaScript enabled. Home > Economics > Finance > Credit > Credit – Quiz 7 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Credit Quiz 7 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The value of property you possess after deducting debt? A) Collateral. B) Credit. C) Capital. D) Creditor. Show Answer Correct Answer: C) Capital. 2. Which of the following is NOT a factor to consider when taking out a loan? A) How much time it takes to receive the loan. B) Total Cost of the loan. C) Impact of the monthly payment on your budget. D) Length of the loan. Show Answer Correct Answer: A) How much time it takes to receive the loan. 3. A company that collects information about consumer's credit history and sells it to lenders is a A) Bank. B) Credit board. C) Credit bureau. D) None of these. Show Answer Correct Answer: C) Credit bureau. 4. A company that provides software for calculating a person's credit score A) FICO. B) Credit bureau. C) Dell. D) Microsoft. Show Answer Correct Answer: A) FICO. 5. What range of scores describes people with "good" credit? A) 620-659. B) 350-619. C) 660-749. D) 750-850. Show Answer Correct Answer: C) 660-749. 6. Which of these is likely the MOST important financial consideration a person should make when deciding to borrow money from a financial institution? A) Length of time for the loan. B) Fees attached to the loan. C) Interest rates on the loan. D) Amount of the loan. Show Answer Correct Answer: C) Interest rates on the loan. 7. What does your credit history NOT consist of? A) 20% Credit Type. B) 15% Credit History. C) 30% Amount Owed. D) 35% Payment History. Show Answer Correct Answer: A) 20% Credit Type. 8. Which of the following is not an example of a secured loan? A) Car loan. B) Home loan. C) Boat loan. D) Student loan. Show Answer Correct Answer: D) Student loan. 9. What are the two biggest influences on your credit score? A) Types of credit used and new credit accounts. B) Your SAT score and grade point average. C) The number of credit cards and the number of bank accounts you have. D) Your payment history and amount of debt you owe. Show Answer Correct Answer: D) Your payment history and amount of debt you owe. 10. What prevents the poor from getting bank credit? A) Absence of collateral. B) Documentation procedure. C) High rate of interest. D) None of these. Show Answer Correct Answer: A) Absence of collateral. 11. Which of the following items can be found on a credit card statement? A) Payments made and new charges. B) Fees and interest charged. C) Year to date totals and how long it will take you to pay it off w/minimum only. D) All of these. Show Answer Correct Answer: D) All of these. 12. Loans that are repaid in regular payments over a period of time A) Installment loans. B) Pawnshop loans. C) Payday advance loans. D) None of above. Show Answer Correct Answer: A) Installment loans. 13. ..... are the building blocks of organisation of the rural poor A) Cooperative societies. B) SHGs. C) Banks. D) Formal sources of credit. Show Answer Correct Answer: B) SHGs. 14. A credit card is a ..... type of loan that uses ..... interest. A) Secured, simple. B) Unsecured, compound. C) Unsecured, simple. D) Secured, compound. Show Answer Correct Answer: B) Unsecured, compound. 15. What actions can decrease your credit score? A) Only check your credit score once a year. B) Max out your credit cards. C) Pay your bills on time. D) Pay off your full debt at one time. Show Answer Correct Answer: B) Max out your credit cards. 16. What does bad credit say about you? A) That you are hard to trust with a loan orcredit card. B) That you do not make much money. C) That you are young. D) None of above. Show Answer Correct Answer: A) That you are hard to trust with a loan orcredit card. 17. The service sector includes activities such as: A) Agriculture, dairy, fishing and forestry. B) Making sugar, jaggery and bricks. C) Transport, communication and banking. D) None of above. Show Answer Correct Answer: C) Transport, communication and banking. 18. What is a finance charge? A) The interest charged on the money owed to a credit card company. B) A fixed annual percentage rate of the finance charge. C) A charge from the bank for getting a credit card. D) None of the above. Show Answer Correct Answer: A) The interest charged on the money owed to a credit card company. 19. Which family from Oprah's Debt Diet had the most trouble with credit cards? A) The Bradley's. B) The Simpson's. C) The Eggleston's. D) The Widlund's. Show Answer Correct Answer: C) The Eggleston's. 20. A loan that is obtained without the use of property as collateral is a ..... loan. A) Unsecured loan. B) Credit card loan. C) Subprime loan. D) Secured loan. Show Answer Correct Answer: A) Unsecured loan. 21. ..... companies make up your credit score. A) 5. B) 2. C) 4. D) 3. Show Answer Correct Answer: D) 3. 22. Debt-trap means: A) Ability to pay back loan. B) Extravagance. C) None of the above. D) Increasing debt. Show Answer Correct Answer: D) Increasing debt. 23. The difference between what you owe on your home and the balance of the mortgage on the home is called A) Underwater. B) Assessment. C) Equity. D) Foreclosure. Show Answer Correct Answer: C) Equity. 24. What is NOT a Credit Bureau? A) TransUnion. B) CrediFed. C) Experian. D) Equifax. Show Answer Correct Answer: B) CrediFed. 25. Credit cards that are offered to teens often A) Are popular across the nation. B) Have high minimums. C) Have excellent annual rates. D) Have low minimums. Show Answer Correct Answer: D) Have low minimums. 26. Failure to make minimum payment on time A) Debt. B) Delinquent. C) Credit. D) Repossession. Show Answer Correct Answer: B) Delinquent. 27. What is the first step to get out of debt? A) Sell something to get the money. B) Get a part time job and work extra. C) Save money to pay it back. D) Quit borrowing more money. Show Answer Correct Answer: D) Quit borrowing more money. 28. Another name for credit is called what? A) Spent money. B) Debit card. C) Saved money. D) Borrowed moeny. Show Answer Correct Answer: D) Borrowed moeny. 29. What type of credit score is this 593? A) Poor. B) Excellent. C) Great. D) Average. Show Answer Correct Answer: A) Poor. 30. The federal Fair Debt Collection Practices Act of 1977 dictates how: A) Much debt a person is allowed to carry. B) Much interest a lender can charge. C) Debt collectors can interact with individuals. D) Much of a debt a person must repay. Show Answer Correct Answer: C) Debt collectors can interact with individuals. ← PreviousNext →Related QuizzesFinance QuizzesEconomics QuizzesCredit Quiz 1Credit Quiz 2Credit Quiz 3Credit Quiz 4Credit Quiz 5Credit Quiz 6Credit Quiz 8Credit Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books