The Credit Handbook Chapter 1

Credit quiz on chapter 1 from the text free reading from www.ag.state.mn.us Minnesota State attorney generals office. Credit Handbook

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Questions 15

Answers

1
Today it's hard to live without credit. Reasons people use credit cards include:
All of the answers
It's the way of the world
It's convenient
It's a safety net
2
When going through this quiz the abbreviation for credit card will be:
CC
CC
CC
CC
3
Most of us enter into our first consumer credit transaction when we open a cc account.
False
True
4
Overuse and poor payment of CC bills can ruin your:
Life
Credit score
Having any social life
Never getting out of debt
5
If you have debts to repay, today's income is tied up for yesterday's (or last months) bills.
False
True
6
According to the text, credit seems so easy it may encourage you to:
Cut up your cards
Stay home
Overspend
Eat ramen noodles 2x a week
7
If a CC is lost or stolen a CC offers protection against theft-this is best described by:
Helps handle emergencies
Credit card companies have their own policies that they set
Limits the Owners Liability
The hassle of verifying you did not use the card is not your
8
Using Credit may prevent you from:
All the answers
Comparison shopping
Delaying a purchase until your finances improve
Bargain hunting
9
After weighing the advantages and disadvantages of owning and using a CC most people will:
Only have a store issued card
Use cash only
Not worry and have lots of cards (5+ cards)
Keep one or two CC around
10
You are able to make purchases over the internet with credit cards.
False
True
11
Using credit is a Win-Win situation. You can not loose.
True
False
12
Some credit card users find disadvantages to using credit.
False
True
13
An important reason to getting established with credit is to be able to:
All the answers
Increase credit limits
Demonstrate the ability to responsibly manage money
Get more credit
14
You can gain a lot by using credit.
True
False
15
How does using credit help with money management?
Both answers
If you see an item on sale but lack the cash
Track your expenses, using monthly statement

The Credit Handbook Chapter 1 Flashcards | StudBud

The Credit Handbook Chapter 1

15 termsStudBud Administration219 plays

Credit quiz on chapter 1 from the text free reading from www.ag.state.mn.us Minnesota State attorney generals office. Credit Handbook

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
Today it's hard to live without credit. Reasons people use credit cards include:
All of the answers
It's the way of the world
It's convenient
It's a safety net
2
When going through this quiz the abbreviation for credit card will be:
CC
CC
CC
CC
3
Most of us enter into our first consumer credit transaction when we open a cc account.
False
True
4
Overuse and poor payment of CC bills can ruin your:
Life
Credit score
Having any social life
Never getting out of debt
5
If you have debts to repay, today's income is tied up for yesterday's (or last months) bills.
False
True
6
According to the text, credit seems so easy it may encourage you to:
Cut up your cards
Stay home
Overspend
Eat ramen noodles 2x a week
7
If a CC is lost or stolen a CC offers protection against theft-this is best described by:
Helps handle emergencies
Credit card companies have their own policies that they set
Limits the Owners Liability
The hassle of verifying you did not use the card is not your
8
Using Credit may prevent you from:
All the answers
Comparison shopping
Delaying a purchase until your finances improve
Bargain hunting
9
After weighing the advantages and disadvantages of owning and using a CC most people will:
Only have a store issued card
Use cash only
Not worry and have lots of cards (5+ cards)
Keep one or two CC around
10
You are able to make purchases over the internet with credit cards.
False
True
11
Using credit is a Win-Win situation. You can not loose.
True
False
12
Some credit card users find disadvantages to using credit.
False
True
13
An important reason to getting established with credit is to be able to:
All the answers
Increase credit limits
Demonstrate the ability to responsibly manage money
Get more credit
14
You can gain a lot by using credit.
True
False
15
How does using credit help with money management?
Both answers
If you see an item on sale but lack the cash
Track your expenses, using monthly statement