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- 1. Multiple ChoiceBenefits of credit cards include:safe and convenient, bonuses are offeredallows you to build a positive credit reportneeded for reservations and online shoppingall of these
- 2. Multiple ChoiceThe maximum amount you may borrow on a credit card is known as:creditworthinesscredit reportcredit limitvariable rate of credit
- 3. Multiple Choice
What is the best way to avoid credit card debt? Choose the best answer.Use several credit cards to avoid putting too much money on one card.Don't spend more money than you have.Only use credit cards to by - 4. Multiple ChoiceThe cost of borrowing money is referred to asInterestAnnual Percentage RateCreditCredit Line
- 5. Multiple Choice
What is a good practice when it comes to credit cards?
getting as many credit cards as possible
paying only the minimum
charging anything you want
paying the amount charged in full each month
- 6. Multiple Choice
There’s no penalty if I pay my credit card balance after the due date.
True
False
- 7. Multiple ChoiceHaving a high credit score will allow lenders to give you lower interest rates.TrueFalse
- 8. Multiple ChoiceYour credit score is not configured off of which of the following:Payment historyAmount owedWhere you liveLength of credit history
- 9. Multiple ChoiceTo build a good credit history, you shouldopen as much credit as possible quicklyuse the maximum credit allowed on all your credit cardspay on time and as much of your balance as possibleall of these
- 10. Multiple ChoiceWhat does APR stand for?American Peoples ReportsAnnual Progress ReportAmerican Percentage RateAnnual Percentage Rate
- 11. Multiple ChoiceHow is credit used?Employers may check job applicants' credit.Before renting an apartment, the landlord will check the prospective tenant's credit.If you apply for a cell phone or credit card, your credit will be checked.All of these are correct, these are only some of the ways credit can be used.
- 12. Multiple ChoiceUsing your credit card to get cash from a bank, ATM, or by writing a conveneience check.cash advancebalance transferdefault
- 13. Multiple ChoiceTrue or False: Negative information stays on your credit report for 7-10 years.TrueFalse
- 14. Multiple ChoiceWhat would be my monthly costs if I chose to bank at Bank of Texas and use my debit card 20 times to pay for lunch?$10.00$2.00$20.00$4.00
- 15. Multiple Choice
When Bryce attempted to borrow money at the bank, he learned that his credit score is low. Which best describes what this is likely to mean for Bryce?
The interest rates on his loan will be lower, since his credit score is low.
The purchase price of the item he needs the loan for will be higher due to his low credit score.
The monthly loan payments will be lower due to his lower credit score.
The interest rates on his loan will be higher, since his credit score is low.
- 16. Multiple Choice
Jake’s credit application has been declined because of his negative credit history. Which is most likely to be true?
Jake pays his bills consistently and on time.
Jake has applied for 4 credit cards and a car loan in the past 6 weeks.
Jake has received 3 traffic tickets in the past 2 months.
Jake holds 2 store credit cards, a bank credit card, a car loan, and a mortgage.
- 17. Multiple Choice
Becky no longer wants to use her Clothes-R-Us store credit card. What is the best thing she could do with the credit card?
File the credit card away for use at a later time.
Let a family member take over the credit account so her credit score will not be affected.
Keep the credit card in her wallet in case she needs proof of identification.
Close the account by phone and in writing, then destroy the card.
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