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Credit-Credit-Credit
Credit-Credit-Credit
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Test your credit knowledge
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
Utility companies and medical service organizations commonly offer ______ credit.
revolving
retail
installment
single-payment
2
Having a savings account is a characteristic of:
capital
characer
capacity
3
If someone steals your credit card and buys things, you have to pay it back.
True
False
4
What is one way to NOT build a good credit history?
make regular deposits in your savings account
pay bills on time
pay all of your bills late
have a steady work record
5
Using the 20-10 rule, if you make $40,000 a year, you should have no morethan $8,000 of debt.
False
True
6
Installment credit usually allows a person to make additional purchases on an account.
False
True
7
APR measures the interest rate charged by a credit card.
True
False
8
Paying your bills on time is a characteristic of:
capacity
capital
character
9
Capital refers to a person’s assets.
True
False
10
Having a steady job is an example of:
capital
character
capacity
11
A monthly telephone bill is considered what type of credit?
single-payment
revolving
installment
12
A person’s regular income is referred to as:
capital
character
capacity
collateral
13
A disadvantage of using credit is impulse buying.
True
False
14
To build a credit history, a person could:
file income taxes on time
establish a steady employment record
use an ATM several times a month
request to view their credit record
15
Paying for a jacket with a credit card is considered what type of credit?
installment
revolving
single-payment
16
A steady employment record helps a person’s credit history.
True
False
17
A monthly payment on a car loan is considered what type of credit?
installment
revolving
single-payment
18
Comparing the APR among severalcredit cards allows you to obtain the:
lowest grace period
lowest annual fee
lowest interest rate
prettiest card
19
Name one way to protect your account information.
throw your account statements in the trash
avoid giving account numbers over the phone
let your friend use your cards
post your account numbers on Facebook
20
What should you do if you see something wrong on your credit report?
cry
shred it
call the company
do nothing
21
Marge needs to buy groceries, should she use credit?
No
Yes
22
Fran and Bud need to buy a new roof, should they use credit?
No
Yes
23
The annual fee for a credit card is set by the government.
False
True
24
A common advantage of using credit is:
lower cost for items purchased
ability to obtain neededitems now
lower chance of overspending
less impulse buying
25
A credit card issued by a credit union would be an example of a ________ card.
travel
bank
store
proprietary
