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Financial Algebra Benchmark Review Part 1

Financial Algebra Benchmark Review Part 1

Assessment

Flashcard

Mathematics

12th Grade

Practice Problem

Hard

CCSS
RI.9-10.4, 8.EE.C.7B, RI.11-12.4

+2

Standards-aligned

Created by

Wayground Content

FREE Resource

Student preview

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15 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What are the benefits of having a cosigner on a loan?

Back

Having a cosigner with good credit increases the chances of loan approval and can lead to a lower interest rate.

2.

FLASHCARD QUESTION

Front

What is a true statement about bankruptcy?

Back

Bankruptcy significantly decreases your credit score.

3.

FLASHCARD QUESTION

Front

What is the Debt Snowball method for paying off debt?

Back

The Debt Snowball method involves making minimum payments on all debts and putting any extra cash toward the debt with the lowest balance.

Tags

CCSS.8.EE.C.7B

4.

FLASHCARD QUESTION

Front

What should Theo try before filing for Chapter 7 bankruptcy?

Back

Theo should meet with a credit counselor, use a debt repayment strategy, and set up a debt management plan, but he should avoid paying a debt settlement company.

5.

FLASHCARD QUESTION

Front

What is the role of a credit counselor?

Back

A credit counselor provides low-cost financial advice and creates debt management plans.

6.

FLASHCARD QUESTION

Front

What is the impact of bankruptcy on your credit report?

Back

Bankruptcy stays on your credit report for several years, affecting your creditworthiness.

7.

FLASHCARD QUESTION

Front

What is the purpose of a debt management plan?

Back

A debt management plan helps individuals manage their debts by consolidating payments and negotiating with creditors.

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