Week 2 Quiz Nov

Topics: Debt, Credit, Credit score Pages: 2 (805 words) Published: November 13, 2014
Week 2 Quiz

Instructions: Select the correct answer for each question. You may use this worksheet to highlight the correct answer using the highlight function or simply create a Word Document, number from 1-15 and provide the correct letter for each corresponding question. Each question is worth .2 points.

1) What is a credit utilization rate?
a. How many open credit accounts you have
b. The percentage of all your reported credit accounts that are open accounts c. Your total outstanding balance as a percentage of total credit limit d. How often you use credit to make purchases

2) Students should aim to keep their total student loan debt to a. less than the salary they are likely to make their first year out of school b. less than 200% of their first-year salary
c. about the total cost of 4 years of their education
d. less than 150% of their first-year salary

3) If you have applied for your first credit card and been denied, what is the best thing to do? a. Call up the card company and ask if you can be approved if you agree to a higher interest rate. b. Apply for a secured credit card.

c. Add money from a cash loan to your checking account so it appears you have more funds available. d. Have someone cosign for a credit card for you.

4) When you have serious credit card debt, where is the best place to seek help? a. From a debt consolidation company
b. From an independent consumer credit counseling agency, such as AICCCA or the National Foundation for Credit Counseling c. From a credit deferral service
d. From a private loan organization, such as a bank or credit union.

5) In the event of bankruptcy, which of the following cannot be taken from you? a. A 401(k) retirement account
b. Emergency savings
c. Stock investments
d. Money in your checking account

6) Which of the following is considered unsecured debt?
a. A mortgage
b. A car loan
c. A 401k loan
d. Credit-card debt

7) What is the best type of loan to take out...
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