Unit 7 Test - Borrowing Money
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1. Derek recently turned 17 and has just started using credit. He is not concerned about paying on time since he believes his young age will not affect later credit requests. Why is Derek incorrect?
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1 point
2. Mason and Mariam are debating how long information will stay on a credit record. What would you tell Mason and Mariam about the length of time information will stay on a credit record?
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3. Macy wants to establish a good credit record. Which is a way Macy can establish a good credit record
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4. How often are you entitled to a free credit report from each credit bureau?
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5. Larry is upset that he was recently turned down for a loan since he believed he had excellent credit. Larry is entitled to a credit report from each credit bureau _____.
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6. Which of the four C’s of credit is demonstrated by your reputation or history with debt?

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7. Which of the four C’s of credit is demonstrated by earnings and history of steady employment?

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8. Which of the four C’s of credit is an asset of value that a lender can take from you if you don’t repay a loan?

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9. Which of the four C’s of credit is any asset you may have, such as bank accounts, cars, or house?

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10. Kyle is trying to figure out why his credit score is not as high as he had anticipated. What would you tell Kyle makes up the largest percentage of his FICO score?
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11. Which FICO score is most likely to receive the best interest rate on a loan? 
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12. Payton was anxious to buy a car, but because he had poor credit obtained a loan with a very high interest rate and terms he is unable to fulfill. What loan source did Payton most likely use?
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13. Which gives the seller the right to demand the entire balance if you miss a single payment on a loan?
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14. Chad is interested in purchasing a used car that a neighbor is selling. How can Chad best find the estimated value of the used car?
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15. Most of a car’s depreciation occurs _____.

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16. Often represented at dealerships; easy qualifying; quick response.
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17. Company gives cash advance loans; easy qualification.
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18. Offers to hold item of value for specified time period in exchange for cash.
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19. Loans from family or friends can be easy to get; credit score rarely matters.
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20. Lower interest rates, as long as you have good credit.
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21. Credit is the supply of money, goods, or services in the present time in exchange for the promise of future payment.
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22. According to the Equal Credit Opportunity Act of 1975, credit records can reveal to the creditor personal information such as gender, religion, race, and age.
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23. A credit score tells a lender whether an applicant is a good credit risk or not.
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24. Applying for a lot of new credit will not raise any concerns for creditors or affect your FICO score.
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25. Good credit is also important because some landlords and employers check FICO scores before deciding to rent or offer a job.
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