To build a good credit history, you should

pay on time and as much of your balance as possible

open as much credit as possible quickly

use the maximum credit allowed on all your credit cards

When Bryce attempted to borrow money at the bank, he learned that his credit score is low. Which best describes what this is likely to mean for Bryce?

The interest rates on his loan will be higher, since his credit score is low.

The interest rates on his loan will be lower, since his credit score is low.

The purchase price of the item he needs the loan for will be higher due to his low credit score.

The monthly loan payments will be lower due to his lower credit score.

Revolving credit is...

a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments are made on time.

a type of credit that can be used only once up to a certain limit and must be closed immediately after all payments are due

a spinning door with money in it

a round device that holds credit cards and spins, making it easy to shuffle through all your credit cards quickly

What is an interest rate?

The amount in terms of a rate or percentage that you have to pay back on an amount borrowed

it is your level of interest about a certain topic expressed as a percentage of your total interest

The amount in terms of dollars that you have to pay back on a purchase

it is the rate at which your interest in something expires. The higher the number, the quicker your interest expires

Dawn graduated from high school and wants to get a credit card. How can Dawn establish credit-worthiness?

Opening a checking account, making regular deposits, and avoiding penalties for insufficient funds

Be extremely careful about disclosing account information

The Truth in Lending Act of 1968

Intro to Credit

Quiz

•

Mathematics, Life Skills

•

10th - 12th Grade

•

Practice Problem

•

Medium

•

CCSS

7.RP.A.3, RI.9-10.4, RI.11-12.5

+17

Standards-aligned

William Stewart

Used 29+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the principal of the loan?

the initial amount of the loan

the cost of borrowing the loan

the period of time you take out the loan for

a manager in charge of the loan

What is a loan term?

The amount of time a revolving line of credit can be open

The payment of income to a savings account in regular payments over a set period of time.

The period in which the loan is to be repaid, each payment broken down into individual installments

Specifically related to the black market for human organs, and typically meant as the length of time one's kidney will be used for other purposes

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Type of loan used specifically for purchasing a home is a __________

Mortgage

Student Loan

Equity Line of Credit

Credit Card

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Another name for open ended credit is ____________ credit

Never ending

Revolving

Spinning

Endless

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

_____________ is a report that details how a person has used credit in the past.

Credit report

Credit card

Credit score

Credit history

This is when the interest rate will remain the same for the life of the loan

Adjustable rate

Balloon rate

Never changing rate

Fixed rate

If the collateral for your secured loan can be taken away, why get a secured loan at all?

Because they usually have a higher interest rate

Because they usually have a lower interest rate

Banks give you an extra 90 days to make a missed payment

Banks typically don't charge interest for the first 12 months

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Intro to Credit

25 questions

What is the principal of the loan?

What is a loan term?

Type of loan used specifically for purchasing a home is a __________

Another name for open ended credit is ____________ credit

_____________ is a report that details how a person has used credit in the past.

This is when the interest rate will remain the same for the life of the loan

If the collateral for your secured loan can be taken away, why get a secured loan at all?

What is the ability to acquire money, goods or services from others without immediate payment; an agreement to repay the purchase price and whatever interest is incurred?

What is a line of credit extended to individuals or businesses who may use it as often as desired up to a specific dollar limit?

Credit not backed by collateral

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