PF Unit 3 Quiz

Which of the following is NOT a type of credit?

• Car loan

• Car registration

• Phone service

• Credit Card

Which of the following agencies provide free credit reports for consumers?

• Equifax, Credit Unions

• Credit Unions, Banks

• Experian, Credit Reports Association

• Transunion, Experian

Credit experts recommend that you check the status of your credit reports at least

• every time you apply for a loan or credit card

• When you apply for your first loan or credit card

• once a year

• once every five years

Which of the following can impact your credit score?

• Getting bonus pay from your employer

• Living with your parents to cut down on monthly expenses

• Paying cash for a used car

• Making a late car loan payment

Which of the following can help you build a good credit history?

• rent an apartment with a friend who has already signed a lease

• continue to use your debit card responsibly and not overdrafting

• Close your checking account to avoid check bouncing

• Get a store credit card or major credit card and make monthly payments

Which of the following is not needed when applying for credit?

• Your full legal name

• Your birthday

• Your social security number

• Your student ID number

True or false: When items are bought on credit and paid for over a long period of time, the cost to the buyer is the same as if the items were bought with cash.

• True

• False

• Don't pick me

• or me either

True or false: Using a debit card for purchases is a convenient way to buy now and pay later.

• True

• False

• Don't pick me

• Or me