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Multiple Choice Quiz
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1

A J.C. Penney credit card is an example of closed-ended credit.
A)True.
B)False.
2

One thing you can do to protect yourself from credit card fraud is to sign your credit card as soon as you receive it.
A)True.
B)False.
3

An unauthorized person who receives a copy of your credit report may be fined up to $5000, sentenced up to one year in jail or both.
A)True.
B)False.
4

Which of the following is not a consideration when deciding how to pay for a major purchase such as a car?
A)Do I have the cash for a down payment?
B)Do I want to use my savings for this purchase?
C)What color car do I want?
D)Can I postpone this purchase?
E)All of the above are considerations when deciding how to pay for a purchase.
5

Stacia Wert-Gray has found that her take home pay per month is $2200. What is the maximum dollar amount of debt payments she should have?
A)$880
B)$440
C)$330
D)$0
E)None of the above
6

If you have declared personal bankruptcy, how long would that information stay in your credit file?
A)6 months
B)2 years
C)7 years
D)10 years
E)None of the above
7

Paula Smith has been married for five years and plans on staying married. She wants to establish her own credit history. Which of the following is a step she should take?
A)Close all joint accounts.
B)Establish a separate credit card account in her own name.
C)Change her name.
D)Transfer all joint accounts to her name alone.
E)All of the above are things she should do.
8

____________ is an arrangement to receive cash, goods or services today and pay for them in the future.
A)Personal financial planning
B)Debit Cards
C)Money management
D)Credit
E)None of the above
9

The ____________ bans discrimination in the extension of credit on the basis of race, color, age, sex, marital status and other factors.
A)Fair Credit Reporting Act
B)Equal Credit Opportunity Act
C)Fair Debt Collection Act
D)Consumer Credit Reporting Reform Act
E)Fair Credit Billing Act
10

The ____________ is the law that sets procedures for promptly correcting billing mistakes, refusing to make payments on defective goods and promptly crediting payments.
A)Fair Credit Reporting Act
B)Equal Credit Opportunity Act
C)Fair Debt Collection Act
D)Consumer Credit Reporting Reform Act
E)Fair Credit Billing Act





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