Credit - Credit Rating Education Done In Time!

11 Questions

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Education Quizzes & Trivia

This quiz is a supplementary to http://www. Creditgogetter. Info, an informational website containing basic knowledge on personal credit and finance for high school students.


Questions and Answers
  • 1. 
    If the balance of your credit card is $10,000, the bank charges you with a 17% interest rate, and the minimum payment is 4% of the outstanding balance, how much interest will you be charged in total if you only pay the required minimum payment every month before you pay off?
    • A. 

      $3,064

    • B. 

      $5,915

    • C. 

      $5,407

    • D. 

      $3,859

    • E. 

      $5,420

  • 2. 
    A good budget should be very tight; therefore, you can take good control of your money and spend your money more efficiently.
    • A. 

      True

    • B. 

      False

  • 3. 
    The Canadian Government established plans such as the Canada Pension Plan and Old Age Security that will provide sufficient retirement income for retirees. These retirees do not need to further supplement their retirement income in order to live an ideal lifestyle.
    • A. 

      True

    • B. 

      False

  • 4. 
    If John Smith made monthly contributions of $100 towards his TFSA starting in August 2009, what is his total allowable contribution at the beginning of January 2010?
    • A. 

      $5,000

    • B. 

      $500

    • C. 

      $9,500

    • D. 

      $10,000

    • E. 

      $100

  • 5. 
    Phishing is?
    • A. 

      A typing of fishing technique.

    • B. 

      A virus that can steal private information from a PC.

    • C. 

      A new social networking technology that promotes the use of fake identity to protect its users.

    • D. 

      A process in which a fraudulent website or communication acting as a legitimate entity attempting to acquire private information from its users.

    • E. 

      An email that provides a link to a legitimate website, asking you to confirm your personal information.

  • 6. 
    Which of the following is NOT a recommended method to reduce the chances of identity theft?
    • A. 

      Protect your computer with Anti-virus and Firewall software.

    • B. 

      Shred any junk mail that has your name and address.

    • C. 

      Give your personal information to only trusted sources.

    • D. 

      Delete your Facebook, Twitter, and MySpace account.

    • E. 

      Be suspicious of websites that ask you for personal information.

  • 7. 
    As long as I keep my spending to any amounts within my credit limit and pay all my bills in full by the due date, my credit scores will be fine.
    • A. 

      True

    • B. 

      False

  • 8. 
    What are the 3 most important factors that will influence your credit score?
    • A. 

      Your spending history, whether you have declared bankruptcy, and the amount of your outstanding credit balances.

    • B. 

      Your marital status, your payment history, and the amount of your outstanding credit balances.

    • C. 

      Your payment history, whether you have declared bankruptcy, and the amount of your outstanding credit balances.

    • D. 

      Your outstanding balances history, your payment history, and the number of credit cards you have.

    • E. 

      Your marital status, the number of credit cards you have and whether you have declared bankruptcy.

  • 9. 
    Which of these is not true of leasing? 
    • A. 

      Lower monthly payments

    • B. 

      Different dealers may have different rates

    • C. 

      Credit history is irrelevant

    • D. 

      Rates and terms are negotiable

    • E. 

      You may return the car at the end of the lease term

  • 10. 
    When does repayment of a student loan generally start?
    • A. 

      Six months after the loan has been cashed

    • B. 

      On the end date of study on your loan documents

    • C. 

      Not until end of study is declared

    • D. 

      Seven months after study end date

    • E. 

      Never

  • 11. 
    Which is the most suitable bank account for students without credit cards?
    • A. 

      Savings account

    • B. 

      Chequing account

    • C. 

      Tax free savings account

    • D. 

      Investment account

    • E. 

      TFSA account