
Chapter 4 Test Review: Credit and Debt
Flashcard
•
Financial Education
•
10th Grade
•
Practice Problem
•
Hard
Wayground Content
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21 questions
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1.
FLASHCARD QUESTION
Front
Which statement is true? Debt is beneficial for financial growth. Debt causes financial risk and stress. Debt is necessary for the American Dream. Debt should be ignored.
Back
Debt causes financial risk and stress.
2.
FLASHCARD QUESTION
Front
What is the first step in the debt snowball method?
Back
Pay off the smallest debt first
3.
FLASHCARD QUESTION
Front
What is the main purpose of the debt snowball method?
Back
To pay off debts quickly
4.
FLASHCARD QUESTION
Front
What is the First Foundation mentioned in the document?
Back
Save $500 Emergency Fund
5.
FLASHCARD QUESTION
Front
What should you do with the payment of a debt once it is gone? Options: Keep minimum payments on each debt monthly, Apply it to the next-smallest debt, Move to the next debt with the highest interest rate, Ignore it
Back
Apply it to the next-smallest debt
6.
FLASHCARD QUESTION
Front
What is the original amount of a loan called?
Back
Principal
7.
FLASHCARD QUESTION
Front
What is the additional cost a lender charges for borrowing their money?
Back
Interest
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