Personal Finance Courses: Credit

Test your knowledge

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1.
The "principal" of a loan is the _______.
Choose wisely. There is only one correct answer.
Original amount borrowed. The principal is the original amount borrowed.
2.
Which of the following actions are outside collection agencies legally allowed to take against you?
Choose wisely. There is only one correct answer.
None of the above. All these actions are illegal.
3.
Credit cards may charge fees for which of the following?
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All of the above. These are just some of the many fees that credit cards can charge you for various uses.
4.
Some credit cards target those with bad credit. These credit cards usually have which of the following?
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All of the above. Generally, all of these rates and fees will be in effect. Additional fees may also be charged.
5.
When you are in the market for a credit card, one of the best ways to do comparison shopping is to make use of _______.
Choose wisely. There is only one correct answer.
The Internet. There are Websites that provide comparisons of different credit card programs, and many credit card providers use the Internet to make information about their programs easily available.
6.
When it comes to negative information in your credit report, most negative information will appear in your credit report for _______.
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Seven years. Although some negative information can appear for longer, most negative information will appear in your credit report for seven years.
7.
Which of the following is the largest part of your FICO score?
Choose wisely. There is only one correct answer.
Payment history. Your payment history carries more weight than any other measure.