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Credit Test
Contributed by: Covarrubias
  • 1. What is the biggest expense in the average person's budget?
A) Transportation
B) Housing
C) Healthcare
D) Food
  • 2. Which of these is NOT one of the factors that affect your credit score?
A) Credit Mix
B) New Credit
C) Payment History
D) Interest Rates
  • 3. What is interest?
A) Both of the ones mentioned.
B) The amount you earn for keeping money in a savings account, expressed as a percentage.
C) None of the ones mentioned.
D) The amount you pay for borrowing money, expressed as a percentage.
  • 4. Which of these is NOT a fee that might be charged on a checking account?
A) Minimum balance fee
B) ATM fee
C) Overdraft fee
D) Exessive withdrawals fee
  • 5. The phrase "take-home pay" refers to which of the following?
A) Money paid by the employee to the IRS
B) Money paid to the employee before taxes
C) Money paid to the employee after taxes
D) Money employers pay on behalf of employees for taxes
  • 6. Which of the following services takes money out of your account at the time a purchase is made?
A) Debit Card
B) Gift Card
C) Credit Card
D) Rewards Card
  • 7. The ability to acquire money, goods or services from others without immediate payment.
A) Credit Cards
B) Annual Percentage Rate
C) Revolving Credit
D) Credit
  • 8. Number calculated by using information on a credit report which shows lenders what risk they take by loaning money to you.
A) Credit Ratings or FICO Scores
B) Annual Fees
C) Annual Percentage Rate
D) Transaction Fees
  • 9. Which of the following is NOT a type of credit?
A) Loans
B) Debit Cards
C) Credit Cards
D) Revolving Credit Accounts
  • 10. Why is it important to take care of your credit?
  • 11. A borrower's interest rate can be determined using which of the following?
A) Repayment Schedule
B) Loan Terms
C) Credit Scores
D) Loan Amounts
  • 12. Credit allows for purchases without cash.
A) FALSE
B) TRUE
  • 13. Amount, based on percentage of one’s taxable income, paid to the U.S., and in some cases, to the state in which one lives.
A) Sales Tax
B) Gift Tax
C) Income Tax
D) Property Tax
  • 14. amount deducted from a paycheck by an employer on the employee’s behalf to pay federal income taxes based on the number of personal allowances claimed
A) Gross Pay
B) Medicare
C) Federal Withholding
D) FICA
  • 15. Payment for work done per hour.
A) Bonus
B) Hourly Wage
C) Overtime
D) Minimum Wage
  • 16. Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
A) Stock
B) Capital
C) Interest
D) Investment
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