Credit and Insurance Knowledge Quiz

What is a Credit Report?

• A number assigned to a person that indicates their capacity to repay a loan

• A detailed report of an individual's credit history

• A measure of whether you'll be able to pay back a loan properly

• A type of closed credit where the loan is repaid with interest in equal periodic payments

What does a Credit Score indicate?

• The percentage of monthly gross income that goes towards paying debt

• A number assigned to a person that indicates to lenders their capacity to repay a loan

• The time since accounts were opened

• The number of accounts with a balance

What does Payment History track?

• Whether or not you pay your bills on time

• The number of various types of accounts

• The amount of available credit

• The number of recent credit applications

What is the Debt to Income Ratio (DTI)?

• The number of accounts with a balance

• The amount of available credit

• Percentage of monthly gross income that goes towards paying debt

• The time since accounts were opened

What does Amount Owed refer to?

• The number of accounts with a balance and how much is owed on each

• The time since accounts were opened

• The number of recent credit applications

• The types of credit used

What is Revolving Credit?

• A measure of whether you'll be able to pay back a loan properly

• A type of closed credit where the loan is repaid with interest in equal periodic payments

• An account on which the account holder can charge repeatedly up to a maximum limit

• A form of legal recourse open to insolvent debtors

What is Installment Credit?

• A measure of whether you'll be able to pay back a loan properly

• A type of closed credit where the loan is repaid with interest in equal periodic payments

• A form of legal recourse open to insolvent debtors

• An account on which the account holder can charge repeatedly up to a maximum limit

What is Personal Bankruptcy?

• A process that includes reorganizing how assets are held

• A form of legal recourse open to insolvent debtors

• A type of insurance that covers the loss of a tenant's personal property

• A measure of whether you'll be able to pay back a loan properly

What does Automobile Insurance provide?

• Insurance that provides financial protection from losses resulting from a death during a definite period

• Payments for both liability and property insurance on a vehicle

• Insurance that covers medical illness or injury

• Insurance that is kept in force for a person's entire life

What is Whole Life Insurance?

• Insurance that provides financial protection from losses resulting from a death during a definite period

• A type of insurance paid to an individual if he/she is injured and is unable to work

• Insurance that is kept in force for a person's entire life and pays a benefit upon the person's death

• Insurance that covers medical illness or injury