What is credit?
Credit Quiz

Quiz
•
English
•
12th Grade
•
Medium
Krystle Walls
Used 10+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An arrangement in which you receive goods, services, or money in exchange for a promise to repay at a later date
A numerical measure of creditworthiness
A detailed record of your credit history
The proportion of revolving credit available
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is credit important?
It can help you show creditworthiness for larger purchases
It can save you money on interest rates
It can affect various aspects of your financial life
All of the above
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which component of creditworthiness is based on how frequently a person makes their monthly payments on time?
Payment History
Amount Owed
Length of Credit History
New Credit Applications
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the debt-to-income ratio compare?
How much debt you must pay vs. how much income you are bringing in
The amount of credit you are using compared to your total credit
The length of time your accounts have been open
The types of credit you have
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of credit is often in the form of a credit card?
Revolving Credit
Installment Credit
Credit Score
Credit Report
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the consequence of declaring bankruptcy?
Having to sell your property to pay your debt
Difficulty in borrowing in the future
A bankruptcy staying on your credit reports for up to 10 years
All of the above
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the recommended percentage of available credit to keep open?
30%
50%
70%
90%
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