Understanding Credit

Flashcard
•
Financial Education
•
12th Grade
•
Hard
Quizizz Content
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15 questions
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1.
FLASHCARD QUESTION
Front
Which of the following is the best definition of credit? A system for saving money over time. The ability to borrow money with the agreement to repay it later. The amount of money you earn annually. A reward for using a debit card responsibly.
Back
The ability to borrow money with the agreement to repay it later.
2.
FLASHCARD QUESTION
Front
What percentage of your credit score is determined by your credit utilization rate?
Back
30%
3.
FLASHCARD QUESTION
Front
What happens if you apply for multiple credit cards in a short period of time?
Back
Your credit score may decrease due to multiple hard inquiries.
4.
FLASHCARD QUESTION
Front
Which strategy is part of the snowball method for managing debt?
Back
Focus on paying off the smallest debts first.
5.
FLASHCARD QUESTION
Front
How can checking your credit report benefit you?
Back
It allows you to identify and correct errors that may affect your credit.
6.
FLASHCARD QUESTION
Front
Why is having a longer credit history beneficial?
Back
It shows lenders that you have experience managing credit over time.
7.
FLASHCARD QUESTION
Front
Closing an old credit card account always improves your credit score.
Back
False
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