Credit Test review

Credit Test review

9th - 12th Grade

20 Qs

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Credit Test review

Credit Test review

Assessment

Quiz

Business

9th - 12th Grade

Easy

Created by

TONYA VOWELS

Used 8+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which of the following is considered to be open-end credit?
Department store charge card (Credit Card)
A mortgage

2.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

To qualify for a Federal Housing Administration (FHA) loan, a person must generally
have one-quarter of the cost of the home for a down-payment
fulfill income guidelines

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Which number is the better Credit Score?
350
750

4.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

When a person declares bankruptcy that fact will appear on the person's credit report
for a 10 year period.
for a 3 year period.

5.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A credit card finance charge is:
the sales tax
the dollar amount it costs to use credit

6.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A creditor may deny credit because of:
bad credit history
age
race

7.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

A person has three credit cards with very large outstanding balances and is unable to make payments on any of them. Which action should the person take?
Notify the credit card companies in order to negotiate a new payment plan.
File for bankruptcy in order to maintain one's current credit score.

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