Credit and Debt Quiz2

Credit and Debt Quiz2

12th Grade

15 Qs

quiz-placeholder

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Credit and Debt Quiz2

Credit and Debt Quiz2

Assessment

Quiz

Business

12th Grade

Medium

Created by

Scott Marsden

Used 21+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit bureau?

A company that provides loans to consumers

A company that collects and maintains individual credit information

A company that sells cars to consumers

A company that offers insurance to consumers

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a FICO Score?

A score given by lenders to consumers

A score calculated using software from Fair Isaac Corporation

A score indicating the amount of credit a consumer has used

A score indicating the interest rate charged by lenders

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a foreclosure?

A process in which a lender sells the asset used as collateral for the loan

A process in which a borrower receives something of value from a lender

A process in which a borrower makes multiple unsuccessful attempts to collect the amount owed by the lender

A process in which a lender attempts to recover the balance of a loan from a borrower

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit inquiry?

A request from a creditor to check a debtor’s credit

A request from a lender to check a borrower’s credit

A request from a consumer to check a business’s credit

A request from a business to check a consumer’s credit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is credit utilization?

The amount of credit a consumer has used relative to the total amount of credit extended by lenders

The amount of credit a consumer has used relative to the total amount of credit available

The amount of credit a consumer has used relative to the total amount of credit requested

The amount of credit a consumer has used relative to the total amount of credit approved

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a collections agency?

An entity used by creditors to recover funds from consumers

An entity used by businesses to recover funds from creditors

An entity used by consumers to recover funds from lenders

An entity used by lenders to recover funds that are past due or accounts that are in default

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is interest rate?

The amount charged by a borrower to a lender for the repayment of a loan

The amount charged by a lender to a borrower for the repayment of a loan

The amount charged by a borrower to a lender for the use of money

The amount charged by a lender to a borrower for the use of money

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