This quiz works best with JavaScript enabled. Home > Finance > Credit > Credit – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Credit Quiz 9 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. What organization provides insurance to credit unions? A) NBUA. B) FCUA. C) NCUA. D) FDUA. Show Answer Correct Answer: C) NCUA. 2. The legal process to get out of debt when you can no longer make all your payments is called ..... A) Bankruptcy. B) Indebtedness. C) Financial disaster. D) Trouble. Show Answer Correct Answer: A) Bankruptcy. 3. A car loan is an example of A) Unsecured debt. B) Mortgage. C) Lease. D) Installment loan. Show Answer Correct Answer: D) Installment loan. 4. What is a credit report? A) A Report card. B) Statement of every payment ever. C) Nothing. D) None of above. Show Answer Correct Answer: B) Statement of every payment ever. 5. What does APR stand for? A) American Peoples Reports. B) Annual Progress Report. C) American Percentage Rate. D) Annual Percentage Rate. Show Answer Correct Answer: D) Annual Percentage Rate. 6. All of the following are dangers of credit, EXCEPT: A) Overspending. B) Can be dangerous in tough economic times. C) Can increase your financial options. D) Can be expensive. Show Answer Correct Answer: C) Can increase your financial options. 7. After ..... or ....., if the SHG is regular in savings, it becomes eligible for availing loan from the bank. A) 3 years or 4 years. B) 5 years or 6 years. C) 6 months or 1 year. D) A year or two. Show Answer Correct Answer: D) A year or two. 8. The amount of time your are obligated to make payments on a loan is the A) Interest rate. B) Term. C) Principal. D) Annual percentage rate. Show Answer Correct Answer: B) Term. 9. The maximum amount you may borrow on a credit card is known as: A) Creditworthiness. B) Credit report. C) Credit limit. D) Variable rate of credit. Show Answer Correct Answer: C) Credit limit. 10. ..... and ..... credit is crucial for the country's development A) Accessible and affordable. B) Timely and feasible. C) Less and high amount of. D) Cheap and affordable. Show Answer Correct Answer: D) Cheap and affordable. 11. A legal process in which PEOPLE who cannot pay the debts must surrender most of their property. A) Bankruptcy-Chapter 7. B) Bankruptcy-Chapter 11. C) Bankruptcy-Chapter 13. D) Bankruptcy-Chapter 15. Show Answer Correct Answer: A) Bankruptcy-Chapter 7. 12. Money received, especially on a regular basis, for work or through investments A) Paycheck. B) Income. C) Credit. D) None of above. Show Answer Correct Answer: B) Income. 13. The smallest payment a customer can make each statement period to keep the account in good standing. This is based on the balance during that pay period. A) Cash advance. B) Balance transfer. C) Minimum payment. D) None of above. Show Answer Correct Answer: C) Minimum payment. 14. Main advantages of a Debit Card A) Using your own money. B) Could acquire overdraft fees, and ATM charges if you try to take money out of an ATM that is not in your ATM network (additional charges for out-of network banks). C) BANKRUPTCY. D) FORECLOSURE. Show Answer Correct Answer: A) Using your own money. 15. In which country is the Grameen Bank meeting the credit needs of over 6 million poor people? A) Bhutan. B) Sri Lanka. C) Bangladesh. D) Nepal. Show Answer Correct Answer: C) Bangladesh. 16. What is the range of credit scores? A) 100-1000. B) 50-150. C) 300-850. D) 100-200. Show Answer Correct Answer: C) 300-850. 17. Financial Bankruptcy is ..... A) The inability to earn more money. B) The inability to pay one's debts. C) When a bank fails. D) None of above. Show Answer Correct Answer: B) The inability to pay one's debts. 18. A fee a bank, credit card, or lender charges to purchase something & pay for it over time A) Dividend. B) Interest. C) Credit. D) Finance Rate. Show Answer Correct Answer: B) Interest. 19. The fact that Ed owns two apartment buildings made it easier for him to obtain a loan. This will affect which of the 3 C's? A) Capacity. B) Character. C) Capital. D) Credibility. Show Answer Correct Answer: C) Capital. 20. This is when the interest rate will remain the same for the life of the loan A) Adjustable rate. B) Balloon rate. C) Never changing rate. D) Fixed rate. Show Answer Correct Answer: D) Fixed rate. ← PreviousNext →Related QuizzesFinance QuizzesCredit Quiz 1Credit Quiz 2Credit Quiz 3Credit Quiz 4Credit Quiz 5Credit Quiz 6Credit Quiz 7Credit Quiz 8Credit Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books