Credit and Loans Answers
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1
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The type of credit people are most likely to use for small purchases during their lifetime is
A
a credit card.B
a personal loan.C
an auto loan.D
a mortgage.2
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For which buyer would a lender most likely approve a $200,000 mortgage?
A
a person with a credit score of 800 with a large amount of debt who has recently switched to a lower-paying jobB
a person with a credit score of 760 with a small amount of debt who has had steady employment for many yearsC
a person with a credit score of 650 with a large amount of available credit who has a low-paying, but steady jobD
a person with a credit score of 600 with a small amount of available credit who has recently switched to a high-paying job3
Which statement is true of both mortgages and auto loans?
A
They are riskier than student loans for lenders.B
They do not require a minimum payment.C
They are secured loans and generally require a down payment.D
They have higher interest rates than credit cards.4
A way to build good credit is
A
using only secured loans.B
taking out many lines of credit.C
paying bills when they are due.D
using only credit cards.5
In determining whether to issue a loan, banks are not allowed to ask about an applicant’s
A
employment history.B
date of birth.C
country of origin.D
income tax returns.6
What is a benefit of obtaining a personal loan?
A
getting money with special repayment termsB
getting money with favorable interest ratesC
getting small amounts of money to use immediatelyD
getting large amounts of money to use immediately7
A credit score is based in part on
A
employment and race.B
income and location.C
employment and trust.D
payment history and total debt.8
[BLANK]
A
credit cardB
mortgageC
taxD
bond9
[BLANK]
A
good creditB
a bank accountC
tax returns10
The chart shows a range of credit scores.
A
find it easy to get a loan.B
find it hard to get a loan.C
get a loan with low payments.D
get a loan with low interest.Did you find these answers helpful?
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