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Credit Test
Contributed by: Covarrubias
  • 1. What is the biggest expense in the average person's budget?
A) Housing
B) Transportation
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) Interest Rates
D) Payment History
  • 3. What is interest?
A) The amount you pay for borrowing money, expressed as a percentage.
B) The amount you earn for keeping money in a savings account, expressed as a percentage.
C) Both of the ones mentioned.
D) None of the ones mentioned.
  • 4. Which of these is NOT a fee that might be charged on a checking account?
A) Overdraft fee
B) ATM fee
C) Exessive withdrawals fee
D) Minimum balance fee
  • 5. The phrase "take-home pay" refers to which of the following?
A) Money paid by the employee to the IRS
B) Money employers pay on behalf of employees for taxes
C) Money paid to the employee before taxes
D) Money paid to the employee after taxes
  • 6. Which of the following services takes money out of your account at the time a purchase is made?
A) Debit Card
B) Rewards Card
C) Credit Card
D) Gift Card
  • 7. The ability to acquire money, goods or services from others without immediate payment.
A) Revolving Credit
B) Credit Cards
C) Annual Percentage Rate
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) Annual Percentage Rate
B) Credit Ratings or FICO Scores
C) Transaction Fees
D) Annual Fees
  • 9. Which of the following is NOT a type of credit?
A) Credit Cards
B) Revolving Credit Accounts
C) Debit Cards
D) Loans
  • 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 Amounts
C) Loan Terms
D) Credit Scores
  • 12. Credit allows for purchases without cash.
A) TRUE
B) FALSE
  • 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) Property Tax
B) Sales Tax
C) Gift Tax
D) Income 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) FICA
C) Medicare
D) Federal Withholding
  • 15. Payment for work done per hour.
A) Overtime
B) Hourly Wage
C) Minimum Wage
D) Bonus
  • 16. Money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
A) Interest
B) Stock
C) Capital
D) Investment
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