Which of the following is the best definition of credit?
Understanding Credit

Quiz
•
Financial Education
•
12th Grade
•
Medium
Ezequiel Lotorto
Used 3+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
A system for saving money over time.
The ability to borrow money with the agreement to repay it later.
The amount of money you earn annually.
A reward for using a debit card responsibly.
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What percentage of your credit score is determined by your credit utilization rate?
10%
30%
50%
70%
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What happens if you apply for multiple credit cards in a short period of time?
Your credit score remains the same.
Your credit score may decrease due to multiple hard inquiries.
Your credit score increases with each application.
Your payment history is immediately affected.
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which strategy is part of the snowball method for managing debt?
Focus on paying off the smallest debts first.
Pay off debts with the highest interest rates first.
Consolidate all debts into one payment.
Delay payments to reduce monthly bills.
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
How can checking your credit report benefit you?
It automatically improves your credit score.
It allows you to identify and correct errors that may affect your credit.
It removes negative information from your credit history.
It increases your credit limit.
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Why is having a longer credit history beneficial?
It guarantees approval for all loans.
It shows lenders that you have experience managing credit over time.
It eliminates the need for a good payment history.
It automatically increases your credit score by 100 points.
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Closing an old credit card account always improves your credit score.
True
False
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