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W!se Financial Literacy Test Review-Credit Flashcards | StudBud
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W!se Financial Literacy Test Review-Credit
W!se Financial Literacy Test Review-Credit
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This quiz is for students reviewing for the W!se Financial Literacy exam.
Flashcards
10 cards
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Practice quiz
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Questions
10
Answers
1
The interest rates on credit card cash advances are lower than credit card purchases.
False
True
2
Which types of information are NOT found in your credit report?
Debt payment history
Cholesterol count
Current and previous addresses
Collections and bankruptcies
3
If you only pay the minimum balance on your credit cards, you will pay off the balance quickly.
True
False
4
Which of the following is NOT one of the three credit reporting agencies in the U.S.?
Experian
TransUnion
Federal Trade Commission
Equifax
5
Which of the following is NOT a provision of the Truth in Lending Act?
Requires full disclosure of APRs and fees
Regulates advertising of credit
Gives consumers 3 days to cancel transactions
Prohibits credit discrimination
6
What is the relationship between your credit score and your interest rates?
The lower your score, the lower your rate.
The higher your score, the lower your rate.
There is no relationship.
The higher your score, the higher your rate.
7
Where can you get a free copy of your credit report?
freecreditreport.com
irs.gov
annualcreditreport.com
creditcards.com
8
What is your financial liability for the unauthorized use of your credit card?
$50
$100
unlimited
$25
9
Which of the following is NOT a provision of the CARD Act of 2009?
No cards for age 21 or less without income or adult cosigner
No minimum payment warnings
No change in terms without 45-day written notice
No over-limit fees if cardholder did not opt-in them
10
People with an excellent credit rating have a debt-to-credit ratio in what range?
40 to 50%
50% or more
30 to 40%
30% or less
