Credit Quiz

1.

1 point

Which is NOT a type of credit

unsecured credit

vantage credit

secured credit

revolving credit

2.

1 point

Requirement in a credit arrangement which the last payment is much larger than the regular monthly payment

balloon payment

credit discrimination

bankruptcy

truth in lending

3.

1 point

Which would NOT be a legitimate credit score?

380

740

220

550

4.

1 point

Which is the LEAST effective way to maintain a low credit card balance

pay 20% over the minimum payment

payoff credit card balance at the end of the month

make minimum monthly payment

do not use the credit card.

5.

1 point

An advantage to federal student loans is

low interest rates

the loan can be deferred while student is in school

graduated payment plans

all of the above

6.

1 point

Usury is the

service fee on checking accounts

annual fee charged for a credit card

term for a loan

charging interest rates above the legal limit

7.

1 point

Interest rate paid per year on borrowed money

secured credit

credit

collateral

annual percentage rate

8.

1 point

A person who is unable to pay a debt is in

usury

default

credit discrimination

garnishment

9.

1 point

Amy lost her wallet in which she carried her credit card. Her liability for the stolen credit card is?

50 dollars regardless of when the loss is reported

50 dollars for every hundred that is charged

50 dollars if she notifies the bank within two business days

the amount the thieves charge

10.

1 point

A stop payment order is used to prevent thieves from being able to use a person's stolen

ATM card

checks

travelers check

debit card

11.

1 point

Which is NOT a factor in calculating a credit score

on time loan payments

length of credit history

credit cared debt

How many purchases are made with cash

12.

1 point

Credit arrangement in which people lend money at high, often illegal, rates of interest.

default

balloon payment

loan sharking

garnishment

13.

1 point

Credit based on a promise by the debtors to repay and give up their property if the loan is not repaid.

interest

unsecured credit

acceleration clause

secured credit

14.

1 point

The cost of borrowing money

collateral

rights

business

interest

15.

1 point

Overdraft protection availabe to customers with good credit history provides for?

electronic funds transfer at ATM machine

payment of checks written over the amount of the balance in the account

none of the above

interest free checking