Unit 2 Credit and Loans Test

Unit 2 Credit and Loans Test

Assessment

Flashcard

Financial Education

10th Grade

Practice Problem

Hard

Created by

Wayground Content

FREE Resource

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20 questions

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1.

FLASHCARD QUESTION

Front

What is the term for the cost of borrowing money, typically expressed as an annual percentage of the loan amount?

Back

Interest rate

2.

FLASHCARD QUESTION

Front

Which of the following factors does NOT affect your credit score? Payment history, Employment status, Credit utilization ratio, Types of credit in use

Back

Employment status

3.

FLASHCARD QUESTION

Front

Paying more than the minimum payment on a loan each month can:

Back

Decrease the total interest paid over the life of the loan

4.

FLASHCARD QUESTION

Front

What is the main benefit of having a good credit score?

Back

Access to better interest rates on loans

5.

FLASHCARD QUESTION

Front

Which of the following is a strategy to manage and repay multiple loans effectively? The snowball method, Only paying the minimum amount due, Taking out a new loan to cover the old ones, Missing payments to save money

Back

The snowball method

6.

FLASHCARD QUESTION

Front

What is a secured loan?

Back

A loan that is secured by collateral, such as a house or car.

7.

FLASHCARD QUESTION

Front

What does APR stand for?

Back

Annual Percentage Rate

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