This quiz works best with JavaScript enabled. Home > Finance > Credit > Credit – Quiz 8 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Credit Quiz 8 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. How many kids do the Bradley's have? A) 0. B) 1. C) 2. D) 3. Show Answer Correct Answer: C) 2. 2. Which of the following actions can NEGATIVELY impact your credit score? A) You disputed an item on your credit report. B) You forgot to pay the cable bill. C) You pay all your bills in cash. D) You use a small amount of your available credit. Show Answer Correct Answer: B) You forgot to pay the cable bill. 3. What is #2 for steps to get out of debt? A) Spend all the money you have. B) Quit borrowing more money. C) You must save your money. D) Sell something. Show Answer Correct Answer: C) You must save your money. 4. Borrowing a set amount with equal monthly payments A) Credit Card. B) Installment Credit. C) Revolving Credit. D) Interest Rate. Show Answer Correct Answer: B) Installment Credit. 5. When a person wants to sell exactly what the other person wants to buy. This situation is known as A) Barter System. B) Double coincidence of wants. C) Trading. D) None of these. Show Answer Correct Answer: B) Double coincidence of wants. 6. A credit score of 800 is considered ..... A) Poor. B) Fair. C) Good. D) Excellent. Show Answer Correct Answer: D) Excellent. 7. ..... is the amount of money you pay to use someone else's money. A) Interest. B) Credit. C) Principal. D) Term. Show Answer Correct Answer: A) Interest. 8. How often can you get your free credit reports (from each bureau)? A) Anytime. B) Once per year. C) Twice per year. D) Three times per year. Show Answer Correct Answer: B) Once per year. 9. You should only use credit when ..... A) You want to go on vacation. B) You want to go to a concert. C) You need to not when you want to. D) All of the above are correct. Show Answer Correct Answer: C) You need to not when you want to. 10. A sum paid or charged for the use of money or for borrowing money A) Interest. B) Principal. C) Balance. D) Debt. Show Answer Correct Answer: A) Interest. 11. Credit is based on the concept of ..... A) Pay first. B) You don't have to pay, it's free. C) Buy now, pay later. D) None of above. Show Answer Correct Answer: C) Buy now, pay later. 12. A contracted agreement to pay a debt if the borrower does not pay it A) Finance charge. B) Truth In Lending Act. C) Cosign a loan. D) Credit Limit. Show Answer Correct Answer: C) Cosign a loan. 13. Owned by their customers A) Bank. B) Credit Union. C) Both. D) Neither. Show Answer Correct Answer: B) Credit Union. 14. A letter grade based on a consumer's credit score that indicates his or her creditworthiness? A) Credit Score. B) Capacity. C) Credit Injury. D) Credit Rating. Show Answer Correct Answer: D) Credit Rating. 15. What is debt utilization? A) Your debt to credit ratio. B) How much of your credit you actually use. C) Both of these. D) None of above. Show Answer Correct Answer: C) Both of these. 16. Which behaviors might lead someone to have a low credit score? A) Missing a car payment. B) Having a long credit history. C) Always baying the full balance of a credit card each month. D) Having a debit card. Show Answer Correct Answer: A) Missing a car payment. 17. A business that gathers, stores, and sells credit information to other businesses? A) Credit Report. B) Credit Freeze. C) Credit Bureau. D) Character. Show Answer Correct Answer: C) Credit Bureau. 18. Which membership is exclusive, or requires something special? A) Bank. B) Credit Union. C) Both. D) Neither. Show Answer Correct Answer: B) Credit Union. 19. This term refers to the type of accounts that make up a consumer's credit report. A) Credit Mix. B) Credit variability. C) Credit combination. D) None of above. Show Answer Correct Answer: A) Credit Mix. 20. Firm that collects information about the credit-worthiness of consumers A) Credit report. B) Credit history. C) Cosigner. D) Credit bureau or credit reporting agency. Show Answer Correct Answer: D) Credit bureau or credit reporting agency. ← PreviousNext →Related QuizzesFinance QuizzesCredit Quiz 1Credit Quiz 2Credit Quiz 3Credit Quiz 4Credit Quiz 5Credit Quiz 6Credit Quiz 7Credit Quiz 9Credit Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books