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1. Fill in the blank: _______ is the ability to borrow money or access goods or services with the understanding that you'll pay later.
Debit Personal finance Credit report Credit
2. True or False: Your FICO score, which evaluates the risk the bank would take in giving you a line of credit, is calculated by the Free Information Corporation.
True False
3. Which of the following factors represents 35% of your FICO score?
Credit utilization Payment history Credit history Credit check
4. Fill in the blank: _______ is the best way to improve your credit score.
Building your credit Opening many credit cards Checking your credit history Paying minimum balances
5. Which of the following is NOT a benefit of using a credit card versus a debit card?
Rewards points Increased fraud protection Aids in building credit None of the above
6. What does APR stand for?
Average Percentage Rate Average Percentage Ratio Annual Percentage Ratio Annual Percentage Rate
7. Which of the following is an example of good debt?
Long-term interest loan Debt you can't afford to pay Student loan Revolving credit card balance
8. True or False: Your credit utilization ratio can be calculated by dividing the amount owed by your credit limit.
True False
9. Fill in the blank: _______ is how much debt you owe compared to your income.
Credit utilization ratio Credit limit Debt-to-income ratio APR
10. True or False: You must be 18 years old to obtain a credit card in your own name without a co-signer.
True False
11. Fill in the blank: A _______ is a summary showing you how you’ve used your credit card during a billing period, listing each transaction made.
Credit card summary Statement Credit Report Transaction report
12. Which of the following is an example of revolving credit?
Mortgage Car loan Credit card None of the above
13. Fill in the blank: When a lender pulls your credit report upon applying for a credit card or loan, it is called a _______, which can negatively affect your credit score.
Main inquiry Soft inquiry Revolving credit Hard inquiry
14. Fill in the blank: _______ is defined as how reliable an individual or business is in paying money back
FICO score Credit report Statement Creditworthiness
15. Which of the following best describes an account where a minimum payment hasn’t been paid for 30 days or more.
Past due account Account in the red Delinquent account Good standing account
16. True or False: To help against fraud it is important to review all charges on your statement every month and report any suspicious activity as soon as possible.
True False