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Financial Literacy - Credit and Lons Flashcards | StudBud
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Financial Literacy - Credit and Lons
Financial Literacy - Credit and Lons
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iCEV lesson based Quiz on credit and Loans
Flashcards
12 cards
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Questions
12
Answers
1
Of the loans listed, which is guaranteed with collateral?
Secured
Lump sum
Unsecured
Installment
2
_____ is known as the amount of money actually borrowed with the loan.
Principal
Term
Cost (Interest)
Fixed Rate
3
If your credit card is stole, when should you report it to the credit card company?
At least 48 hours after it was stolen.
Immediately
When you see activity on your account statement.
Just report to the police.
4
Who becomes involved in your personal finances when you file for bankruptcy?
Court System
Your parents.
IRS
Counselor
5
Where should you never write your debit card PIN?
In your cell phone
Contact Sheet
In your daily planner
On the debit card
6
Which has the most influence on your credit score?
Payment history
types of credit used.
Total amount owed
New credit acquired.
7
Which of the following is a major component of a credit history?
Driving record
Public record
Birth certificate
Personal record
8
When you close a CC account, what do you want the CC company report to the credit agencies?
Nothing
Closed
closed at customers request
Closed for inability to pay
9
Who should you give your credit card number to?
Only someone you contact.
Anyone contacting you and requesting it.
Your employer.
Your CPA
10
___ is known as the length of time you have to pay the loan back in full to the lender.
Term
Cost (Interest)
Installment
Limit
11
Which of the following is not a main credit reporting firm?
Equifax
TransAmerica
TransUnion
Experian
12
Todd buys a car and after 8 months stops making his payment, what is most likely to happen?
Todd will file for bankruptcy.
Todd's car is repossessed.
A court will take over Todd's finances.
Todd will take out a loan to buy a used car.