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