7.2 Credit: Types and Sources
Quiz
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Other
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10th Grade
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Medium
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Open-end credit can be used again and again as long as...
you exceed a balance over the limit
the balanced owed does NOT exceed over the limit
you repay the entire balance within 10-25 days
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which account gives the consumer the option to pa the balance in full by the due date or in payments as high as the minimum?
Savings Account
Checking Account
Revolving Account
Money Market Account
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a form of borrowing and involves interest charges?
Credit Cards
Charge Card Agreement
Gift Card
Gasoline Company Card
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is Annual Percentage Rate (APR)?
time frame within which you pay your current balance in full
a fee within range of $40 up to $100
a 25-day billing period
the cost of credit expenses as a yearly percentage
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A legal business that makes high-interest loans based on personal possessions.
Pawn Broker/Pawnshop
Finance Companies
Loan Shark
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a loan shark?
a legal business
a finance company
a retail store
an unlicensed lender who charges illegally high interest rates
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are other sources of credit?
Life insurance policies
Borrowing against a deposit
Borrowing against an asset
Lines of credit
All of the Above
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