EverFi Financial Literacy Lesson 5: Credit and Debt
Authored by Mandi Collyar
Business, Life Skills
10th - 12th Grade
Used 1K+ times
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About
This quiz comprehensively covers credit and debt concepts essential for high school financial literacy education, targeting students in grades 10-12. The questions assess understanding of fundamental credit principles including loan decision-making, credit card selection criteria, credit score maintenance, and debt management strategies. Students need to demonstrate knowledge of key financial terms such as APR, credit limits, secured versus unsecured loans, and collateral. The quiz requires critical thinking skills to distinguish between appropriate and inappropriate uses of credit, evaluate loan options, and understand the long-term consequences of financial decisions. Students must grasp the relationship between payment behavior and credit scores, recognize identity theft protection methods, and analyze the costs and benefits of different borrowing strategies. Created by Mandi Collyar, a Business teacher in the US who teaches grade 10-12. This quiz serves as an excellent formative assessment tool for students studying personal finance and can be effectively used as a review activity following direct instruction on credit and debt concepts. Teachers can implement this quiz as a warm-up to gauge prior knowledge, assign it as homework to reinforce classroom learning, or use it as practice before a summative assessment. The comprehensive question set makes it ideal for identifying specific areas where students need additional support, particularly in understanding credit card terms, loan comparison strategies, and the importance of responsible debt management. This assessment aligns with personal finance standards including CCSS Mathematical Practices and Jump$tart Coalition standards for financial literacy education.
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Using a loan could help with the purchase of which of the following?
A new television
A dream wedding
A house
Airline tickets to your dream vacation
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When are loans a good option to use?
To pay for airline tickets to your dream vacation
When paying for higher education
To buy that new television
For a dream wedding
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What should you NOT use a loan to purchase?
A house
Tuition for higher education
Airline tickets to your dream vacation
A car
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which item is important to consider when selecting a credit card?
Annual Percentage Rate (APR)
Fees
The look of the credit card
Both APR and fees
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these items is NOT important to consider when selecting a credit card?
Annual Percentage Rate (APR)
The look of the credit card
Credit limit
Penalties and Fees
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Annual Percentage Rate (APR), credit limit, and penalties and fees are important to consider when _____.
Choosing a financial advisor
Choosing a credit card
Looking at your credit score
Selecting a financial institution
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is NOT a benefit of having a good credit score?
When you need a loan, you'll have more loan offers to pick from.
You'll get better interest rates on your loans.
It will be easier to get an apartment.
You'll get accepted to better education institutions.
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