High School Student Consumer Knowledge Quiz

1
High School Student Consumer Knowledge Quiz

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• Provided by
• The Credit Education Bureau
• 585-256-6080

2
1. If a person cosigns for a friend, then that
person

• C
• Score 71

3
2. Full payment is due upon the receipt of the
monthly statement for which card?

• C
• Score 29

4
3. Funds are immediately withdrawn from a
consumers bank account when a purchase is paid
with a

• C
• Score 14

5
4. How are installment loans usually repaid?

• A
• Score 64

6
5. The MOST important factors that lenders use
when deciding whether to approve a loan are

• D
• Score 68

7
6. Federal law allows lenders to deny credit for
which of the following reasons?

• C
• Score 65

8
7. What does a credit bureau do?

• D
• Score 33

9

• A Credit Report
• Your Payment Report Card
• 5 Basic Elements
• Personal Identification
• Public Records
• Inquiries
• Collection Agency Accounts
• Credit Accounts
• Reporting Periods
• 2 years - Inquiries
• 7 years - Negative information
• 10 years - Bankruptcy (CH. 7)

10
8. If an individual believes that there is
incorrect information in his/her credit bureau
file, then that individual has the right to

• D
• Score 11

11
9. The BEST indicator of the cost of a loan is
the

• D
• Score 18

12
10. Which of the following institutions usually
charges the highest rate of interest?

• D
• Score 37

13
11. If a credit card account has a balance
carried over from the previous month, when will
interest charges usually begin on a new credit
purchase?

• A
• Score 26

14
12. The owner of a credit card that is lost or
stolen is legally responsible for

• C
• Score 14

15
13. If a consumer fails to pay personal debts, a
creditor is allowed to do all of the following
EXCEPT

• A
• Score 43

16
14. Nonprofit credit counseling services usually
assist debtors by

• A
• Score 49

17
National Average

• Consumer Credit
• Overall Score
• 39

18
Lucky Number
43
19
Lucky Number
12