Chapter 6 Consumer Credit Self-Assessment
Professional Development
10th Grade
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10 questions
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1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The periodic charge for using credit is called?
Financing
Interest
installment payment
a credit limit
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The greatest disadvantage of using credit cards is
having a record of expenses
being in physical danger
proving to be a responsible spender
Being tempted to overspend
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
You will probably find the least expensive loan from
A commercial bank
A finance company
Family Members
A home equity loan
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
The usual trade off of choosing small payments is
having a short payment period
Paying more in interest
Having variable interest rate
pledging collateral
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
No matter how often you make payments, interest is calculated on the full amount of the original principal with the
Simple interest method
Declining balance method
add-on interest method
Up front cash method
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which of the five Cs of credit does your income affect
Capacity
Character
Collateral
Credit History
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
Which law gives a borrower the right to stop payment
Equal Credit Opportunity Act
Fair Credit Reporting Act
Fair Credit Billing Act
Truth in lending Act
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