Credit Basics Quiz Answers

Feb 27, 2024

by | Feb 27, 2024

Credit Basics

  • Answer: a) A numerical representation of your creditworthiness
  • Answer: d) All of the above

Credit Score Ranges

  • Answer: c) 700-850
  • Answer: d) Visa

Credit Card Terms

  • Answer: b) Annual Percentage Rate
  • Answer: a) Once a year

Credit Management

  • Answer: b) Maxing out credit cards
  • Answer: c) 30%

Credit Report Details

  • Answer: c) 7 years
  • Answer: c) To provide a summary of your credit history and activity

Credit Concepts

  • Answer: a) A credit report is a detailed record of your credit history, while a credit score is a numerical representation of your creditworthiness.
  • Answer: c) Debit card

Credit Card Details

  • Answer: a) Credit limit
  • Answer: c) It may lower your credit score.

Credit Terms and Laws

  • Answer: c) Someone who agrees to pay back a loan if you fail to do so
  • Answer: b) To measure how much of your available credit you’re using

Credit Regulations

  • Answer: a) A law that regulates the collection and use of consumer credit information
  • Answer: a) Grace period

Credit Score Determinants

  • Answer: b) Gender
  • Answer: a) Contact the credit bureau to dispute the errors

Credit Concepts

  • Answer: a) A credit report is a detailed record of your credit history, while a credit score is a numerical representation of your creditworthiness.
  • Answer: c) Debit card

Credit Card Details

  • Answer: a) Credit limit
  • Answer: c) It may lower your credit score.

Credit Terms and Laws

  • Answer: c) Someone who agrees to pay back a loan if you fail to do so
  • Answer: b) To measure how much of your available credit you’re using

Credit Regulations

  • Answer: a) A law that regulates the collection and use of consumer credit information
  • Answer: a) Grace period

Credit Score Determinants

  • Answer: b) Gender
  • Answer: a) Contact the credit bureau to dispute the errors