This quiz works best with JavaScript enabled. Home > Finance > Credit > Credit – Quiz 11 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Credit Quiz 11 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. 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. 2. Which family from Oprah's Debt Diet had the most trouble with credit cards? A) The Bradley's. B) The Eggleston's. C) The Widlund's. D) The Simpson's. Show Answer Correct Answer: B) The Eggleston's. 3. A loan that is obtained without the use of property as collateral is a ..... loan. A) Subprime loan. B) Secured loan. C) Unsecured loan. D) Credit card loan. Show Answer Correct Answer: C) Unsecured loan. 4. ..... companies make up your credit score. A) 2. B) 4. C) 3. D) 5. Show Answer Correct Answer: C) 3. 5. 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. 6. The difference between what you owe on your home and the balance of the mortgage on the home is called A) Equity. B) Assessment. C) Foreclosure. D) Underwater. Show Answer Correct Answer: A) Equity. 7. What is NOT a Credit Bureau? A) TransUnion. B) Experian. C) Equifax. D) CrediFed. Show Answer Correct Answer: D) CrediFed. 8. Credit cards that are offered to teens often A) Have excellent annual rates. B) Are popular across the nation. C) Have low minimums. D) Have high minimums. Show Answer Correct Answer: C) Have low minimums. 9. Failure to make minimum payment on time A) Delinquent. B) Debt. C) Credit. D) Repossession. Show Answer Correct Answer: A) Delinquent. 10. 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. 11. Another name for credit is called what? A) Spent money. B) Borrowed moeny. C) Saved money. D) Debit card. Show Answer Correct Answer: B) Borrowed moeny. 12. What type of credit score is this 593? A) Average. B) Great. C) Poor. D) Excellent. Show Answer Correct Answer: C) Poor. 13. 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. 14. Most of the important decisions regarding the savings and loan activities are taken by the ..... . A) Secretary. B) Treasurer. C) Group leader. D) Group members. Show Answer Correct Answer: D) Group members. 15. Company that collects information about your credit history and sells it to lenders A) Credit. B) Creditor. C) Credit Bureau. D) Credit cards. Show Answer Correct Answer: C) Credit Bureau. 16. Choose the best suggestion for building and maintaining a good credit score A) Have money in savings and protected against identity theft. B) Keep debt low and pay bills on time. C) Make safe investments and set clear financial goals. D) Comparison shop and follow a budget. Show Answer Correct Answer: B) Keep debt low and pay bills on time. 17. Which of the following is one of the 3 nationally recognized credit bureaus? A) Equifax. B) Federal Reserve. C) Postal Office. D) Grocery Store. Show Answer Correct Answer: A) Equifax. 18. Property put down as security for a loan is known as A) Capacity. B) Character. C) Collateral. D) Capital. Show Answer Correct Answer: C) Collateral. 19. An example of a bad credit score is ..... A) 300. B) 750. C) 815. D) 850. Show Answer Correct Answer: A) 300. 20. It is important that the formal credit is distributed more equally so that A) Poor can benefit from cheaper loans. B) Rich can get costly loans. C) Rich can get cheaper loans. D) None of these. Show Answer Correct Answer: A) Poor can benefit from cheaper loans. ← 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