This quiz works best with JavaScript enabled. Home > Finance > Credit > Credit – Quiz 10 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Credit Quiz 10 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The actions or behaviors in which people SHOULD engage when they use credit A) Credit Responsibilities. B) Credit Rights. C) Credit Report. D) Credit History. Show Answer Correct Answer: A) Credit Responsibilities. 2. What is the minimum payment? A) What you should pay each month. B) Annual percentage rate. C) Minimum you should pay each month. D) Interest payment. Show Answer Correct Answer: C) Minimum you should pay each month. 3. The amount you must pay on a credit card, based on a percentage of the outstanding balance. A) Minimum fee. B) Minimum payment. C) Monthly statement. D) Minimum monthly interest charge. Show Answer Correct Answer: B) Minimum payment. 4. The value of property you possess after deducting debt? A) Collateral. B) Capital. C) Creditor. D) Credit. Show Answer Correct Answer: B) Capital. 5. Which of the following is NOT a factor to consider when taking out a loan? A) Length of the loan. B) Total Cost of the loan. C) Impact of the monthly payment on your budget. D) How much time it takes to receive the loan. Show Answer Correct Answer: D) How much time it takes to receive the loan. 6. 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. 7. A company that provides software for calculating a person's credit score A) Credit bureau. B) FICO. C) Microsoft. D) Dell. Show Answer Correct Answer: B) FICO. 8. What range of scores describes people with "good" credit? A) 350-619. B) 620-659. C) 660-749. D) 750-850. Show Answer Correct Answer: C) 660-749. 9. Which of these is likely the MOST important financial consideration a person should make when deciding to borrow money from a financial institution? A) Amount of the loan. B) Fees attached to the loan. C) Interest rates on the loan. D) Length of time for the loan. Show Answer Correct Answer: C) Interest rates on the loan. 10. What does your credit history NOT consist of? A) 35% Payment History. B) 15% Credit History. C) 20% Credit Type. D) 30% Amount Owed. Show Answer Correct Answer: C) 20% Credit Type. 11. Which of the following is not an example of a secured loan? A) Home loan. B) Car loan. C) Student loan. D) Boat loan. Show Answer Correct Answer: C) Student loan. 12. 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. 13. 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. 14. 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. 15. 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. 16. ..... are the building blocks of organisation of the rural poor A) Banks. B) Cooperative societies. C) SHGs. D) Formal sources of credit. Show Answer Correct Answer: C) SHGs. 17. A credit card is a ..... type of loan that uses ..... interest. A) Secured, compound. B) Unsecured, simple. C) Secured, simple. D) Unsecured, compound. Show Answer Correct Answer: D) Unsecured, compound. 18. What actions can decrease your credit score? A) Pay your bills on time. B) Only check your credit score once a year. C) Max out your credit cards. D) Pay off your full debt at one time. Show Answer Correct Answer: C) Max out your credit cards. 19. 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. 20. 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. ← PreviousNext →Related QuizzesFinance QuizzesCredit Quiz 1Credit Quiz 2Credit Quiz 3Credit Quiz 4Credit Quiz 5Credit Quiz 6Credit Quiz 7Credit Quiz 8Credit Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books