What is a benefit of having a good credit score?

Loan sharks will be less likely to bother you.

Secured loans are less costly than unsecured loans because

They usually have a lower interest rate.

They are less risky for the financial institution.

The cost of a secured loan is typically lower than the cost of an unsecured loan because

your parents will make sure you pay it back.

Which of the following is NOT a feature that makes a secured loan less costly than an unsecured loan?

Less risk for the financial institution

To maintain a good credit score you must

check your credit score every week.

What will happen to your credit score if you do not manage your debt wisely?

You won't be able to track your credit score

It will not affect your credit score

Not managing your debt wisely can result in

A decrease in your credit score

An increase in your credit score

Recommended methods to protect yourself from identity theft and fraud include

Placing a credit freeze with the credit bureaus.

Monitoring your credit report every 2-3 years.

Allowing inaccurate information to be removed from your report after 7 years.

Utilizing a specialty locking or monitoring service.

Which of the following will help you protect yourself from identity theft and fraud?

Regularly monitor your credit report.

Contact lenders and credit bureaus to address incorrect information.

Which of the following is NOT a recommended method to protect you from identity theft?

Expensive specialty locking or monitoring service.

Place a credit freeze with the credit bureaus.

Regularly monitoring your credit report.

Contacting lenders and credit bureaus to report inaccurate information.

Paying only the minimum balance on your credit card can lead to

an increase in your credit score

All of the following are benefits to paying the full balance on your credit card each month EXCEPT:

You won't have to pay any late fees.

Your credit score can increase.

When looking for pre-approval on a car loan you should

compare pre-approval offers and select the one that is best for you.

get a loan from the car dealer directly to keep things simple.

select the loan that has the longest repayment period.

When looking for pre-approval on a car loan you should NOT

get a loan from the car dealer directly to keep things simple

look for the lowest interest rates you can find.

select the loan that has the right repayment period for you.

compare pre-approval offers and select the one that is best for you.

Going directly to a car dealer for a loan to keep things simple is a

not great because they typically offer higher interest rates.

great idea because they want you to get the car so it'll be the best offer.

great idea because you don't have to deal with another lender.

not great because car deals don't offer loans.

What option will NOT be available if you are behind on loan payments?

You can ask to get out of your loan.

A financial institution may offer for you to pay a little now and pay the rest after your next pay day.

You can borrow money from your friends and family.

Your financial institution might allow you to deter the loan but you'll have to pay the interest.

Credit/Debit (Everfi)

Quiz

•

Life Skills

•

9th - 12th Grade

•

Practice Problem

•

Hard

Shena Noble

Used 1K+ times

FREE Resource

About this resource

This quiz comprehensively covers personal finance concepts focusing on credit, debt management, and loans, making it appropriate for grades 9-12. The questions assess students' understanding of when loans are appropriate financial tools versus when they should be avoided, the key factors to consider when selecting credit cards (APR, fees, credit limits), and the relationship between credit scores and loan opportunities. Students need to understand the fundamental differences between secured and unsecured loans, including how collateral affects interest rates and lender risk. The quiz also requires knowledge of practical credit management strategies, including the importance of paying full balances to avoid interest charges and maintain good credit scores, methods for protecting against identity theft and fraud, and smart approaches to car loan shopping that involve comparing pre-approval offers rather than accepting dealer financing. Created by Shena Noble, a Life Skills teacher in the US who teaches grades 9-12. This quiz serves as an excellent assessment tool for reinforcing the EverFi financial literacy curriculum and can be effectively used for formative assessment, homework assignments, or review sessions before major tests. Teachers can deploy this as a warm-up activity to gauge student understanding of credit concepts or as practice material to help students master these essential life skills before graduation. The quiz aligns with financial literacy standards including CCSS Mathematical Practices and state-specific personal finance education requirements that emphasize responsible borrowing, credit management, and consumer protection strategies. Students benefit from the repetitive reinforcement of key concepts through multiple question formats, helping them internalize the decision-making frameworks they'll need as young adults entering the credit marketplace.

It will be easier to get an apartment.

You'll get accepted to better education institutions.

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Using a loan could help you with the purchase of which of the following>

When are loans a good option to use?

What should you NOT use a loan to purchase?

Which item is important to consider when selecting a credit card?

Which of these items is NOT important to consider when selecting a credit card?

Annual Percentage Rate (APR), credit limit, and penalties and fees are important to consider when

What in NOT a benefit of having a good credit score?

What is a benefit of having a good credit score?

Having a great credit score will make it easier for you to get into a better educational institution.

Secured loans are less costly than unsecured loans because

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