Personal Finance Courses: Credit

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Choose wisely. There is only one correct answer to each question.

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1.
Credit cards may charge fees for which of the following?
Choose wisely. There is only one correct answer.
All of the above. These are just some of the many fees that credit cards can charge you for various uses.
2.
As a general rule, credit exists to enable you to buy things that _______.
Choose wisely. There is only one correct answer.
You cannot afford to buy right now. Credit exists to help you buy things you can't afford right now. While the other choices may or may not be true, they are not the reason credit exists in the first place.
3.
Which of the following is probably the wisest use of credit?
Choose wisely. There is only one correct answer.
Pay off higher-interest loans before lower-interest loans.
4.
It is possible to use a credit card to earn more than you pay on it.
Choose wisely. There is only one correct answer.
True. You can earn rewards while paying your balance in full each month and avoiding fees.
5.
The highest FICO score possible is _______.
Choose wisely. There is only one correct answer.
850. At present, this is the highest possible score. You want to get as close as possible to this score. The closer you get, the more privileges you get when it comes to taking out loans.
6.
If you have questions about the types of collection practices that are allowed, contact the _______ in your state to see what the state law allows.
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Consumer protection bureau. Your state's consumer protection bureau will have information about state laws governing credit collection practices that operate together with federal regulations.
7.
Having credit available is necessary for most of us who want to _______.
Choose wisely. There is only one correct answer.
All of the above. For most of us, we need credit to do these things.