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Test Your Knowledge: Credit Flashcards | StudBud
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Test Your Knowledge: Credit
Test Your Knowledge: Credit
25 terms
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StudBud Administration
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14 plays
1st period Credit Game - Mrs. English
Flashcards
25 cards
F
Practice quiz
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Host live
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Questions
25
Answers
1
How does one avoid paying interest on credit cards or any other loans?
Not pay anything each month
Always pay the minimum payment on time
Always make the full payment on time
Apply for more credit cards
2
Which is FALSE if you miss one monthly payment on your mortgage?
You lose your home immediately
You will be charged fees
You will be sad
Your credit score can take a hit
3
What 3 pieces of information on a Schumer box should you focus on when choosing a credit card?
Term of the credit card
Annual Percentage Rate (APR)
Grace periods
Fees
4
Which 2 things could be a SECURED loan?
Overdraft
Student Loan
Mortgage
Auto Loan
5
Which of the following do not have acess to your credit report?
A future employer
Colleges and universities
Insurance companies
A landlord
6
How do federal student loans differ from private student loans?
Federal loans have less flexible and fewer repayment options
They are the same
Private loan repayment may start when you are still in school
Federal loans have higher interest rates
7
When someone passes the initial credit history check to get a loan, they are...
Denied
A loan shark
Pre-Approved
Given a new boat
8
What may NOT impact your interest on a loan?
Your level of education
Your relationship with the financial institution
Your credit score
The amount of the loan
9
What is a good Credit Utilization Ratio?
50%
70%
30%
100%
10
An Annual Percentage Rate (APR) that may change over time
Variable Rate
Credit Limit
Fixed Rate
Introductory Rate
11
A cosigner's credit history can be affected by the loan they are cosigned on
False
True
12
What is the WORST financial decision you could make ever?
Buy food for your hungry family
Take out a payday loan
Forget your wallet at home
Start building your credit at an early age
13
2 things to remember when repaying federal student loans...
repayment begins the day after you graduate
a loan servicer will contact you before repayment begins.
you do not get to choose your repayment plan
you can choose from different repayment plans
14
Which is TRUE when you make only the minimum payment each month?
Credit card companies have permission to sell your info
Your credit line is restored to its original amount
It is the fastest way to pay off your debt
You are charged interest on the remaining balance
15
How are credit cards and debit cards different?
They both are a part of your checking account
Only debit cards say VISA, credit cards don't
A credit card can offer perks such as Credit Protection
You borrow from yourself with a credit card
16
To protect yourself from fraudulent credit card charges you shoud...
monitor your credit card statement carefully
throw it away
give your information to strangers
stop using your credit card altogether
17
Banruptcy can have a worse effect on someone with a higher credit score
False
True
18
Fee charged if you draw out more money than your account holds
Late Fee
Overdraft Fee
Tax Writeoff
Variable Interest Rate
19
What are the 3 agencies where you can request your credit report?
Equifax
TransUnion
Costco
Experian
20
From who do credit unions get there money from that they lend?
Their parents
Mrs. English
The president
From investors, or members
21
A shorter loan term means ____ monlthy payments and ____ total interest you'll pay.
lower, more
higher, less
lower, less
higher, more
22
A special rate that is only good for a certain number of billing cycles is known as the
First Year Rate
Special Rate
First Decade Rate
Introductory Rate
23
Your net worth is...
your assets minus liabilities
how much you spend each week
how much money you get from your paycheck
your liabilities minus your assets
24
Where can you get a free copy of your credit report?
getmycreditreport.gov
freecreditreport.com
friv.com
annualcreditreport.com
25
What is 1 of the reasons why someone might have a thin file (low credit history)?
They do not want to have a thick file
They use credit cards for everything and pay them off on time
They are relatively new to establishing credit
They have 10 mortgages and 5 car loans
