FL Credit Test

Which of the following is the last step in creating a buying plan?

• Choose the item to buy
• Set a timeline

• Define criteria
• Set a spending limit

A plastic card linked to a your bank account that can be used to make purchases is a:

• Credit Card
• Debit Card
• ATM Card
• Charge Card

Which of the following is a cost of credit?

• Rewards

• Fees
• Points
• Miles

Which interest rate changes from month to month?

• Variable

• Fixed

• Fluctuating

• Static

Which method for calculating interest deducts payments before calculating interest?

• Unused credit balance method
• Adjusted balance method
• Previous balance method
• Average daily balance method

Unused credit is:

• The remaining amount on your line of credit

• The total of all interest and fees paid

• The amount you are required to pay each month

• The period of time between credit card bililngs

A person who offers illegal loans at very high interest rates and often uses intimidation to enforce repayment is a:

• Loan shark
• Title lender

• Payday lender

• Advance fee lender

Which of the following is a problem that can arise from delinquency?

• Increased credit limit
• Lower interest rates

• Garnishment

• Increased credit score

A scam in which someone uses your personal information to commit fraud or other crimes.

• Identity theft scam
• Credit repair scam
• Easy access credit scam
• Predatory lending scam

Experian, Equifax, and Transunion are the three official:

• Credit Cards

• Credit Lenders

• Credit Agencies

• Credit Governments