Finance MCQ Test: Trivia Quiz
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Finance MICA test: trivia quiz. Debt financing is wide spread not only among businesses but individuals too. A person’s credit score can be affected by outstanding debts they hold in form of mortgage or loans. How well do you know different types of credits and how to understand your credit score? This quiz will help you assess your personal finance knowledge on credit. Give it a try and see what you learn.
- 1.A mortgage is an example of closed-end credit.
- A.
True
- B.
False
- 2.A loan from a family member is an example of an expensive loan.
- A.
True
- B.
False
- 3.A secured loan is one guaranteed to be repaid through safe collateral.
- A.
True
- B.
False
- 4.Inflation increases the buying power of money.
- A.
True
- B.
False
- 5.Equifax is a credit bureau.
- A.
True
- B.
False
- 6.When you cosign a loan for a friend, you may be responsible to make loan payments if the other person fails to.
- A.
True
- B.
False
- 7.You are responsible to provide proof that disputed information on your credit report is inaccurate.
- A.
True
- B.
False
- 8.The USDA works hard to prevent fraud as it relates to credit records, credit bureaus, and lenders.
- A.
True
- B.
False
- 9.Your debt to income ratio formula is gross income divided by the number of monthly loan payments you make.
- A.
True
- B.
False
- 10.An example of open-end credit is a(n)
- A.
Mortgage
- B.
Auto loan
- C.
Installment loan
- D.
A credit card charge
- 11.The dollar amount you pay to use credit is the
- A.
Debt to income ratio
- B.
Finance charge
- C.
Annual percentage rate
- D.
Term of the loan
- 12.A higher interest rate is usually the trade-off for a
- A.
Long-term loan
- B.
Secured loan
- C.
Short-term loan
- D.
None
- 13.How many major credit bureaus are there in the U.S.?
- A.
1
- B.
2
- C.
4
- D.
3
- 14.Information you will need to provide to get a free credit report includes all of the following except
- A.
Date of birth
- B.
Name
- C.
Current address
- D.
Current job
- 15.Once you discover an error on your credit report and write the credit bureau about it, the credit bureau has how many days to research it to a conclusion?
- A.
15 days
- B.
30 days
- C.
45 days
- D.
60 days
- 16.Take-home pay is $3094 Monthly car payment is $220 Monthly credit card payment is $110 Your spouse wants a car with a bank monthly loan payment of $300 What is your debt to income ratio?
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