Convenience is an advantage of using credit. |
True |
You should always contact your lender if you are unable to pay off a loan. |
True |
There are less than 100,000 people each year that are victims of identity theft. |
False |
Credit cards usually have very low interest rates. |
False |
Identity theft skyrocketed in the 1990’s because of the invention of the internet. |
True |
When trying to get out of debt, always pay at least the minimum payment on all debts first. |
True |
A Chapter 7 Bankruptcy remains on a person’s credit report for 10 years. |
true |
The current state of the economy can affect a person’s credit score. |
True |
Your character is one of the most important things a credit bureau looks at. |
true |
It is smart to only pay the minimum payment each month on your credit card. |
False |
Having a bad credit score can not hurt your chances of getting a job. |
False |
Credit limit is the maximum credit score a person can achieve. |
False |
Student loans usually have a lower interest rate than an installment loan from a bank. |
true |
On average, you will spend more money when you pay with cash rather then with a credit or debit card. |
False |
An installment loan contains a set number of payments, with an equal amount going to interest and principal each month. |
true |
Having a low credit score can make it more difficult to |
all of the above |
Which action is LEAST important to maintaining a healthy credit score? |
know your exact credit score |
Which one of the following actions can negatively impact your credit score? |
forget to pay the cable bill |
Which of the following influences your credit score the most? |
payment history |
Which of the following statements about credit scores is true |
all of the above |
All of the following make up the big three credit reporting agencies EXCEPT. |
Federal Reserve |
How many free credit reports are you entitled to each year? |
One credit report each year |
comparing what you own vs. what you owe |
capital |
history of repaying debts |
character |
items that can be taken from you if you do not repay debts |
collateral |
your ability to repay debts or income |
capaity |
overall state of the economy |
conditions |
Personal Finance Unit 3
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