
Chapter 4 Test on "Debt"
Authored by Katrina McGee
Business
9th - 12th Grade
Used 4+ times

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22 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Teens are a huge target of credit card companies today
True
False
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
You need to have a credit card to rent a car or check in to a hotel.
True
False
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When a person owes more on an item (like a car or house) than it is worth, the person is said to be _________ on the loan
Indebted
Upside Down
Secured
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Individual account information is removed from your credit report 7 years after the last activity, except for Chapter 7 bankruptcy, which stays on your credit report for
5 years
10 years
as long as you have a low credit score
until you get out of debt
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A detailed report of an individual's credit history
Credit Report
Cash Flow Statement
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A long-term Rental agreement on a car; a form of secured Long-term Debt. It's the Most Expensive way to drive.
Loan
Lease
Cash to Own
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement best summarizes how using a Credit Card (vs. a Debit Card) changes your behavior?
People like to get rewards, so using a Credit card to get a discount is worth it
People tend to spend more money when using a Credit Card over a Debit Card or Cash
People only buy what they need, so there is no change in using a Debit of a Credit card.
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