This quiz works best with JavaScript enabled. Home > Finance > Credit > Credit – Quiz 17 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Credit Quiz 17 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which one is an example of Informal Source of Credit A) Banks. B) Cooperative Societies. C) Money Lender. D) All of these. Show Answer Correct Answer: C) Money Lender. 2. A person who lends money or provides credit A) Creditor. B) Debtor. C) Interest. D) None of above. Show Answer Correct Answer: A) Creditor. 3. Which is a Disadvantage of having credit? A) Additional fees. B) Convenience. C) Ability to purchase expensive items sooner. D) Having it available for Emergencies. Show Answer Correct Answer: A) Additional fees. 4. A yearly fee that may be charged for having a credit card is known as: A) Annual Fee. B) APR. C) Introductory Fee. D) Credit Limit. Show Answer Correct Answer: A) Annual Fee. 5. Which among the following banks issues currency notes on behalf of the Central Government in India? A) RBI. B) State Bank of India. C) Bank of India. D) Central Bank of India. Show Answer Correct Answer: A) RBI. 6. What must you have in order to get a home equity loan? A) Car. B) House. C) College Education. D) A dog. Show Answer Correct Answer: B) House. 7. What is A financial Institution A) An institution that is legitimately made out of pure gold their head quarters is the most expensive building ever built. B) A business that provides money related services. C) If you don't know this ask Mrs. Permada. D) Why don't you know this. Show Answer Correct Answer: B) A business that provides money related services. 8. If you go over your credit limit or make your payment late, you will likely be charged a A) Late payment fee. B) Overdue fee. C) Withdrawal fee. D) Loser fee. Show Answer Correct Answer: A) Late payment fee. 9. The complete record of your borrowing and repayment performance. A) Credit Bureau. B) Credit History. C) Credit Report. D) Credit Freeze. Show Answer Correct Answer: B) Credit History. 10. How do you ruin your credit? A) Have someone Co-Sign your loan. B) Not pay your bills. C) Get a gas/Apartment card. D) Cats. Show Answer Correct Answer: B) Not pay your bills. 11. You can access your credit report ..... A) For free whenever you want. B) Only once a year. C) Only if your credit score is low. D) For free once a year. Show Answer Correct Answer: D) For free once a year. 12. How can you avoid paying interest fees on your credit card? A) Only use it for groceries. B) Pay off the full balance, on time, each month. C) You cannot avoid interest fees. D) Only use Discover. Show Answer Correct Answer: B) Pay off the full balance, on time, each month. 13. What is Term A) Balance Limit. B) The length of time determined for paying back a loan. C) Over-the-limit Fee. D) Maximum Fee. Show Answer Correct Answer: B) The length of time determined for paying back a loan. 14. What are 2 of the top 5 factors that assist in calculating your credit score? A) Payment History and Amount of current debt. B) Length of credit history and types of credit. C) Payment History and Job History. D) Payment History and Credit inquiries. Show Answer Correct Answer: A) Payment History and Amount of current debt. 15. Safe place to store your money A) Bank. B) Credit Union. C) Both. D) Neither. Show Answer Correct Answer: C) Both. 16. When financing a car, which credit score will warrant the best rate? A) 850. B) 950. C) 300. D) 250. Show Answer Correct Answer: A) 850. 17. Someone who borrows money or uses credit A) Creditor. B) Debtor. C) Interest. D) None of above. Show Answer Correct Answer: B) Debtor. 18. Which of the following is NOT a type of secured loan: A) Auto loan. B) Boat loan. C) Credit card. D) Housing loan. Show Answer Correct Answer: C) Credit card. 19. To build a good credit history, you should A) Open as much credit as possible quickly. B) Use the maximum credit allowed on all your credit cards. C) Pay on time and as much of your balance as possible. D) All of these. Show Answer Correct Answer: C) Pay on time and as much of your balance as possible. 20. A type of mortgage that has small payments that "grow" over time then requires the full payment of the mortgage. A) Fixed Rate Mortgage. B) Adjustable Rate Mortgage-ARM. C) Balloon. D) Subprime. Show Answer Correct Answer: C) Balloon. ← 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