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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
10 terms
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This quiz is for students reviewing for the W!se Financial Literacy exam.
Flashcards
10 cards
F
Practice quiz
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Host live
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Questions
10
Answers
1
Which types of information are NOT found in your credit report?
Debt payment history
Current and previous addresses
Collections and bankruptcies
Cholesterol count
2
What are the 3 categories on a credit report
Personal info., employment, credit history
Family info., personal info, employment
Age, employment, credit history
Credit history, debit history, debt history
3
If you only pay the minimum balance on your credit cards, you will pay off the balance quickly.
False
True
4
How can you hurt your credit score?
Spend less that you make
Keep your debt low
Pay your bills on time
Have late payments
5
What is the relationship between your credit score and your interest rates?
The lower your score, the lower your rate.
There is no relationship.
The higher your score, the higher your rate.
The higher your score, the lower your rate.
6
People with an excellent credit rating have a debt-to-credit ratio in what range?
40 to 50%
30 to 40%
30% or less
50% or more
7
What is the best way to have good credit?
Pay your bills on time
Get in lots of debt
Spend more that you make
Pay your bills when you can
8
What is a good credit score?
100
700
400
300
9
What is your financial liability for the unauthorized use of your credit card?
$25
$50
$100
unlimited
10
The interest rates on credit card cash advances are lower than credit card purchases.
True
False
