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Credit Basics

8 Questions
Business Quizzes & Trivia

Think you know the some basic financial information? Try this quiz and see if you do. . . .

Questions and Answers
  • 1. 
    A credit report is:
    • A. 

      A list of your financial assets and liabilities

    • B. 

      Your monthly credit card statement

    • C. 

      A loan and bill payment history

    • D. 

      Your credit line with your financial institution

  • 2. 
    A reverse mortgage is:
    • A. 

      A rising debt loan

    • B. 

      Only available to someone 62 years of age or older

    • C. 

      Generally not tied to income

    • D. 

      All of the above

  • 3. 
    Who insures your stocks in the stock market?
    • A. 

      The Federal Deposit Insurance Corporation

    • B. 

      The Securities and Exchange Commission

    • C. 

      The U.S. Department of the Treasury

    • D. 

      None of the above

  • 4. 
    Negative financial information (excluding bankruptcy) can stay on your credit report for:
    • A. 

      2 years

    • B. 

      5 years

    • C. 

      7 years

    • D. 

      10 years

  • 5. 
    In financial transactions, a CD is:
    • A. 

      Certificate of Debt

    • B. 

      Certificate of Deposit

    • C. 

      Citizens Deposit

    • D. 

      Certificate of Collateral

  • 6. 
    The "Rule of 72" tells you how long it will take to double your money.
    • A. 

      True

    • B. 

      False

  • 7. 
    What do "points" refer to in the home mortgage application process?
    • A. 

      One point equals 1% of the purchase price, paid to the seller

    • B. 

      One point equals 1% of the purchase price, paid the lender

    • C. 

      One point equals 1% of the loan amount, paid to the lender

  • 8. 
    By using unit pricing at the grocery store, you can easily compare the cost of any brand and any package size.
    • A. 

      True

    • B. 

      False

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