This quiz works best with JavaScript enabled. Home > Finance > Credit > Credit – Quiz 6 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Credit Quiz 6 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Loan for the purchase of real estate A) Installment. B) Interest. C) Mortgage. D) Unsecured. Show Answer Correct Answer: C) Mortgage. 2. Which of the following will increase your credit card's APR? A) Paying the minimum. B) Missing a credit card payment. C) Paying off the full balance. D) Cashing in on rewards points. Show Answer Correct Answer: B) Missing a credit card payment. 3. Which is an effect of poor credit? A) Your health may deteriorate. B) If you are married, it could cause your partner to divorce you. C) You can't get the job you want. D) All of the above. Show Answer Correct Answer: D) All of the above. 4. All of the following make up the big three credit reporting agencies EXCEPT: A) Equifax. B) TransUnion. C) Experian. D) Federal Reserve. Show Answer Correct Answer: D) Federal Reserve. 5. What is an Advantage of having credit? A) Too much debt. B) High bills. C) High interest. D) Convenience. Show Answer Correct Answer: D) Convenience. 6. The maximum you can charge on your credit card is ..... A) $ 2, 000. B) Credit limit. C) Speed limit. D) How much you can overspend. Show Answer Correct Answer: B) Credit limit. 7. What can you do it make sure you have a healthy credit report? A) Review your credit report each year. B) Make sure everything on your credit report is correct. C) Dispute any errors you find on your report with your credit agency. D) All of the above. Show Answer Correct Answer: D) All of the above. 8. Joan earns $ 3, 500 a month and only has $ 300 in expenses she must pay. This will affect which of the 3 C's? A) Capacity. B) Character. C) Capital. D) Credibility. Show Answer Correct Answer: A) Capacity. 9. Which of the following MOST influences your credit score? A) Types of Credit Used. B) Payment History. C) Length of Credit History. D) Amounts Owed. Show Answer Correct Answer: B) Payment History. 10. How can you go to college and not get a student loan? A) Scholarships. B) Grants. C) Scholarships and Grants and go to a Work Study Program. D) Get good grades. Show Answer Correct Answer: C) Scholarships and Grants and go to a Work Study Program. 11. If you are under 18 years old, you will need ..... to get a credit card. A) A cosigner, like a parent. B) A large downpayment. C) A credit rating of 650 or higher. D) A line of credit already established. Show Answer Correct Answer: A) A cosigner, like a parent. 12. Which of the following is NOT a step out of debt? A) Consolidate the debt. B) Quit borrowing money. C) Sell Something. D) Use the debt snowball method. Show Answer Correct Answer: A) Consolidate the debt. 13. The least amount that must be paid on a credit card each month is A) Late Fee. B) Credit Limit. C) Payment amount. D) Minimum Payment. Show Answer Correct Answer: D) Minimum Payment. 14. The cost of borrowing money is referred to as A) Interest. B) Annual Percentage Rate. C) Credit. D) Credit Line. Show Answer Correct Answer: A) Interest. 15. A written statement about a consumer's credit history? A) Capacity. B) Character. C) Credit Report. D) Credit History. Show Answer Correct Answer: C) Credit Report. 16. If you file bankruptcy how long will it stay on your credit record? A) 2 years. B) 5 years. C) 7 years. D) 10 years. Show Answer Correct Answer: D) 10 years. 17. Credit is A) Extra credit on a test. B) Giving someone a birthday gift. C) Receiving something with a promise to pay it back. D) What you put on top of your hamburger. Show Answer Correct Answer: C) Receiving something with a promise to pay it back. 18. What is the name of the book that Jean Chatzky wrote? A) Girl, Get Your Money Straight. B) Girl, Credit is Cool. C) Pay it Down. D) I Like Oprah. Show Answer Correct Answer: C) Pay it Down. 19. What is meant by an uncollateralized loan? A) A loan not backed by a co-signer who agrees to cover the amount of the loan. B) A personal loan without assets to cover the loan amount. C) A home equity loan. D) A loan taken on a life insurance policy. Show Answer Correct Answer: B) A personal loan without assets to cover the loan amount. 20. A loan can be denied by a lender because of a person's- A) Education. B) Health. C) Credit history. D) Gender. Show Answer Correct Answer: C) Credit history. ← PreviousNext →Related QuizzesFinance QuizzesCredit Quiz 1Credit Quiz 2Credit Quiz 3Credit Quiz 4Credit Quiz 5Credit Quiz 7Credit Quiz 8Credit Quiz 9Credit Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books