This quiz is part of LFE Institute's CWMC (Certified Workplace Money Coaching) course. It will test your proficiency in the Credit Module (Module 7) of the program. The questions are all multiple choice, and are designed to be a review of this Module. Let LFE know when you've successfully completed this test and are ready to begin the next Module.
Correct answers required for passing grade: 12/14
Review your credit report and correct any inaccuracies.
Close all accounts not in use.
Apply for new accounts to establish more credit.
Only charge 80% of your available balance.
None of the above will help.
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The credit card companies wouldn't send me applications in the mail if I couldn't afford it.
If I don't use credit, I'll never be able to buy anything.
Credit card interest is deductible.
I'll hurt my credit score if I check it all the time.
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Payment history accounts for 35% of your credit score.
If you are married, your score will be higher.
They will ignore one account that is past due as long as others are kept current.
Those with past “bad” credit can now “piggyback” with relatives with good credit.
None of the above.
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Experian
TransUnion
CIC Credit
Equifax
FDIC
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You can open four new credit cards this year with no negative impact on your credit score.
You will always get the best available interest rates.
You are making a wise financial choice.
Your credit card interest rate will remain below 8%.
None of the above.
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Www.FreeCreditReport.com
A credit counseling agency
A collection agency
Their local bank
None of the above.
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0
1
2
3
None are necessary if the information is common knowledge.
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Unknown charges show up on billing statements.
Bills arrive from unknown or unfamiliar sources.
Your credit report contains inquiries about accounts you did not open.
A collection agency cannot give you specifics on charges they say you owe.
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It will negatively affect your credit score.
The agency must report it to your employer.
Credit counseling agencies garnish wages as payment for services.
They may lock you into a contract.
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The government is considering taking away their non-profit status.
Most receive “kickbacks” of some sort from the credit card companies.
Most will not work with (or try not to work with) consumers who have lost their jobs.
Most will not work with (or try not to work with) consumers who have mortgage problems, but no credit card debt.
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Convenience check from the credit card company.
Cash advance from the new low-interest card.
Balance transfer form.
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Credit rating
Borrowing power
Credit ranking
FICO
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Have a cap on the interest rates they can charge.
Can only raise your interest rate for six months if you're late making payments.
Cannot market to students under 21 years of age at all.
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Quiz Review Timeline (Updated): Mar 15, 2023 +
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