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- 1. Multiple Choice
A record of the borrower’s past loan and credit‐related
transactions.
Lender
Credit History
Credit Report
Closed‐end Credit
- 2. Multiple Choice
A loan of a certain amount of money that a borrower
must repay in a specified number of equal payments.
Lender
Credit History
Credit Report
Closed‐end Credit
- 3. Multiple Choice
When goods, services, and/or money is received in
exchange for a promise to pay back a definite sum of money at a future date.
Tax Lien
Open‐end Credit
Credit
Closed‐end Credit
- 4. Multiple Choice
A person or organization who makes funds available to
borrow.
Lender
Credit History
Credit Report
Closed‐end Credit
- 5. Multiple Choice
A legal claim by a government entity to take an
individual’s property or income when their taxes are not paid in full.
Tax Lien
Open‐end Credit
Credit
Closed‐end Credit
- 6. Multiple Choice
Maintaining a reasonable amount of unused credit will create
Negative Credit
Positive credit
- 7. Multiple Choice
Routinely paying bills late will create
Negative Credit
Positive credit
- 8. Multiple Choice
Numerous credit applications in a short period of time will create
Negative Credit
Positive credit
- 9. Multiple Choice
Checking credit reports annually to search for mistakes will create
Negative Credit
Positive credit
- 10. Multiple Choice
Having many of the same types of credit accounts will create
Negative Credit
Positive credit
- 11. Multiple Choice
Which of the following is NOT on a credit report?
Late medical payments
Repayment history
Buying habits
Public Records
- 12. Multiple Choice
A negative credit report may impact an individual’s ability to receive all of the following EXCEPT?
Insurance
Apartment
Loan
A traffic ticket
- 13. Multiple Choice
How long will Inquiries remain on your credit report?
Never on a credit report
Two years
Seven Years
Ten years
- 14. Multiple Choice
How long will Late or missed payments remain on your credit report?
Never on a credit report
Two years
Seven Years
Ten years
- 15. Multiple Choice
How long will Open accounts considered to be in
“good standing” remain on your credit report?
Never on a credit report
Two years
Seven Years
Always on a credit report
- 16. Multiple Choice
How long will Medical information remain on your credit report?
Never on a credit report
Two years
Seven Years
Always on a credit report
- 17. Multiple Choice
How long will Closed accounts remain on your credit report?
Never on a credit report
Two years
Seven Years
Ten Years
- 18. Multiple Choice
Open‐end Credit
A line of credit established in advance so that a borrower does not have to apply for credit each time new credit is desired. Also known as revolving credit Example: credit card
A loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit. Example: automobile loan, education loan, mortgage
- 19. Multiple Choice
Closed‐end Credit
A line of credit established in advance so that a borrower does not have to apply for credit each time new credit is desired. Also known as revolving credit Example: credit card
A loan of a certain amount of money that a borrower must repay in a specified number of equal payments. Also known as installment credit. Example: automobile loan, education loan, mortgage
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