Understanding Credit Scores

Understanding Credit Scores

12th Grade

14 Qs

quiz-placeholder

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Understanding Credit Scores

Understanding Credit Scores

Assessment

Quiz

Other

12th Grade

Easy

Created by

Sandra James

Used 1+ times

FREE Resource

14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit score?

A credit score is a measure of how much money a person has in their bank account.

A credit score is a rating given to individuals based on their social media activity.

A credit score is a numerical representation of an individual's creditworthiness.

A credit score is a number that represents a person's popularity among their peers.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is a credit score calculated?

A credit score is calculated based on the number of credit cards a person has.

A credit score is calculated based on the amount of money a person earns.

A credit score is calculated based on a person's age.

A credit score is calculated using various factors such as payment history, credit utilization, length of credit history, types of credit used, and new credit inquiries.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What factors are included in a credit report?

Number of siblings, favorite movie, and shoe size.

Payment history, credit utilization, length of credit history, types of credit used, and recent credit inquiries.

Number of social media followers, number of pets owned, and favorite color.

Credit score, income level, employment history, and address history.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can you improve your credit score?

By paying off credit cards

By closing all of your credit accounts

By making late payments on your bills

By maxing out your credit cards

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the consequences of having a low credit score?

Having a low credit score improves your chances of getting a loan.

Having a low credit score leads to higher credit limits.

The consequences of having a low credit score include difficulty in getting approved for loans or credit cards, higher interest rates, difficulty in renting an apartment or getting a job, and limited financial options.

Having a low credit score has no consequences.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the range of credit scores?

100-500

300-850

400-1000

200-900

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the main credit bureaus that provide credit reports?

Equifax, Experian, and TransUnion

Experian, TransUnion, and Equifax

Equifax, Experian, and Equifax

TransUnion, Equifax, and Experian

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