Personal Finance Courses: Credit

Test your knowledge

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

0%
Keep studying!
Review your answers below to learn more.
1.
What is the limit on the amount of credit you can get?
Choose wisely. There is only one correct answer.
It depends on what the credit agreement states. The credit agreement that you sign when applying for credit will state how much you can get. Often, this amount will rise over time if you are responsible with it.
2.
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.
3.
During what hours does the law allow debt collection agencies to call you?
Choose wisely. There is only one correct answer.
Collection agencies may call only at reasonable times. The law says that calls before 8 a.m. or after 9 p.m. are unreasonable.
4.
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.
5.
A credit card's annual percentage rate is _______.
Choose wisely. There is only one correct answer.
The interest rate you must pay over the course of a year. The APR is what you would pay over a whole year. What you pay each month on your card is 1/12 of that.
6.
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.
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.