Credit Quiz 9 (25 MCQs)

Quiz Instructions:

Select an option to see the correct answer instantly.

1. Money you pay up front toward the purchase to reduce the loan amount

2. What does credit measure?

3. A legal process in which PEOPLE who cannot pay the debts reorganize their debt.

4. A credit score helps lenders decide if you're a

5. The act of transferring debt from one credit card account to another.

6. How likely a lender determines you are to default on or repay your debts is called _____

7. What were the earliest form of objects used as money in India

8. Which scores are nearly perfect credit?

9. Examples of penalty fees include:

10. Kasey is looking at possible options to pay for higher education. What type of credit is best suited for financing this program?

11. Credit cards are examples of what type of credit

12. Which of the following actions would improve your credit score?

13. Fee charged when a credit card holder does not make the minimum monthly payment by the due date.

14. The _____ is the time during which you are allowed to pay your credit card vill without having to pay interest.

15. How much did the Bradley's spend on takeout(food) each day?

16. Which of the following is not one of the "Three C's" of credit?

17. A yearly fee charged by some credit cards for use of the card.

18. What is the best interest rate to get on a credit card?

19. The amount based on the percentage of the outstanding balance, or a minimum fixed amount

20. What can you buy or get with a good credit score?

21. A FICO credit score falls between what range?

22. John has always paid his bills on time. This will affect which of the 3 C's?

23. One of the advantages of credit is

24. A type of mortgage that the least amount of risk.

25. Which is an advantage of having credit?