What is credit?
Credit & Taxes

Quiz
•
Business
•
8th Grade
•
Medium
Morgan McDaniel
Used 28+ times
FREE Resource
14 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The ability to borrow money or access goods or services with the understanding that you will pay later
Lenders and service providers grant money based on their confidence you can be trusted to pay back what you borrowed
A score you are given based on your spending habits
Something banks use to control your money
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a creditor's job?
They borrow money or access goods or services with the understanding that you will pay later
They grant credit based on their confidence you can be trusted to pay back what you borrowed
They create credit scores for people who hire them to do so
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What do creditors do to know if they can trust you or not?
Your credit history, your record of borrowing and repaying funds
They call your bank and your employer
None of the above
All of the above
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does your credit score tell you?
Payment history
Credit utilization
Credit inquiries
All of the above
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following credit scores is considered to be the best?
100
500
800
700
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is having credit important?
If you do not have any credit, lenders do not know if they can trust you or not
Having good credit saves you money
Both A and B
Neither A and B
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Interest rate is...
The amount of money you borrow
Extra money someone charges you for borrowing money
Something that helps your credit score
The maximum amount of money you can borrow
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