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Understanding Credit

Authored by Vanessa Cannon

Other

9th - 12th Grade

Understanding Credit
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_____________the ability to borrow money or access goods or services with the understanding that you'll pay later.

credit

credit rating

credit score

credit report

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are advantages of credit except

Borrowers have the option of buying something today and paying the money back over time.

Borrowers can use a product or service while paying for it

Borrowers are likely to spend more money usnig credt than thet would if they were paying with cash.

Borrowers have flexibility with major purchases that might require more money than you have on hand.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

With____________ credit, the borrower is given a maximum borrowing limit and you can make charges up to that limit.

secured

installment

revolving

service

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

With _________________credit is a loan for a specific sum of money you agree to repay, plus interest and fees, in a series of equal monthly payments over a set period of time.

secured

installment

revolving

service

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A_____________ is report that shows the credit accounts a borrower has, payment history, balances, and other key information that reflects the borrower's borrowing habits.

credit rating

credit report

credit score

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is not a factor that is used to determine credit score?

payment history

type of credit

public records

amount of money in savings

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The 3 C's of credit are

character, capacity, and capital

capital, capacity, credibility

character, capacity, charisma

capacity, competency, character

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