
Understanding Consumer Credit and Debt
Flashcard
•
Financial Education
•
11th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
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36 questions
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1.
FLASHCARD QUESTION
Front
What is typically required to qualify for a credit card?
Back
A good credit score
2.
FLASHCARD QUESTION
Front
Which of the following is a basic provision of credit and loan laws? Lenders must provide a 30-day grace period, Interest rates must be below 10%, Borrowers have the right to know the annual percentage rate (APR), Loans must be repaid within 5 years
Back
Borrowers have the right to know the annual percentage rate (APR)
3.
FLASHCARD QUESTION
Front
What are the names of the three major credit bureaus?
Back
Equifax, TransUnion, Experian
4.
FLASHCARD QUESTION
Front
Which of the following items is typically paid for with a loan or line of credit? Groceries, A car, Clothing, Utilities
Back
A car
5.
FLASHCARD QUESTION
Front
Which strategy is effective for managing debt? Options: Ignoring bills until they are due, Paying only the minimum payment on credit cards, Creating a budget and sticking to it, Taking out new loans to pay off old ones
Back
Creating a budget and sticking to it
6.
FLASHCARD QUESTION
Front
Which of the following actions will negatively impact your credit score?
Paying bills on time,
Applying for multiple credit cards in a short period,
Keeping credit card balances low,
Checking your own credit report
Back
Applying for multiple credit cards in a short period
7.
FLASHCARD QUESTION
Front
What is the difference between a credit rating and a credit report?
Back
A credit report is a detailed history of your credit, while a credit rating is a numerical score.
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