Quiz - Understanding Credit and Debit Part 1

1. Credit is:

Money you borrow now and pay back later

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Money you earn from working

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Free money with no obligation

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2. Which of the following is NOT a type of credit?

Mortgage

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Personal Loan

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Savings Account

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3. Which factor has the biggest impact on your credit score?

Credit Utilization (30%)

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Payment History (35%)

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Credit Mix (10%)

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4. True or False: Opening too many new credit accounts in a short time can hurt your credit score.

True

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Flase

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5. Paying only the minimum balance on a credit card usually means:

You’ll pay more interest and stay in debt longer

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You’ll be debt-free quickly

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Your credit score will automatically improve

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5. One risk of using credit cards is:

Fraud protection

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Overspending

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Building credit history

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Quiz – Understanding Credit and Debit Part 1

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