Everfi-Financial Literacy Lesson 5- Credit & Debt
Authored by brandi joice
Life Skills
6th - 12th Grade
Used 86+ times
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About
This quiz comprehensively covers credit and debt fundamentals, making it ideal for high school students in grades 9-12 studying financial literacy. The questions assess critical understanding of loan types and applications, credit card features and selection criteria, credit scores and their impact on financial opportunities, secured versus unsecured lending, and strategies for managing debt responsibly. Students need to demonstrate knowledge of key financial vocabulary including APR, credit limits, collateral, and credit monitoring, while also applying decision-making skills to evaluate loan options and understand the long-term consequences of financial choices. The content requires students to distinguish between appropriate and inappropriate uses of credit, analyze the factors that affect borrowing costs, and recognize the relationship between responsible credit management and financial health. Created by Brandi Joice, a Life Skills teacher in the US who teaches grades 6-12. This quiz serves as an excellent assessment tool for students completing a structured financial literacy curriculum, particularly following instruction on credit and debt management principles. Teachers can deploy this as a formative assessment to gauge student understanding before moving to more advanced topics, or use it as a summative evaluation after completing the credit and debt unit. The quiz works effectively for independent practice, small group discussions where students justify their answer choices, or as homework to reinforce classroom learning. This assessment aligns with standards such as CEE.PFL.1 (earning income), CEE.PFL.4 (using credit), and CEE.PFL.5 (financial investing) from the Council for Economic Education's Personal Financial Literacy standards, while supporting state standards that emphasize practical money management skills and responsible borrowing practices.
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18 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 SELECT QUESTION
45 sec • 1 pt
Which items are important to consider when selecting a credit card?
Annual Percentage Intrest Rate (APR)
Fees
The look of the credit card
Penalties
Credit Limit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A credit limit is...
the money you spend in a month
the Max amount of money you can charge to a credit card
the amount that will be on your bill
the interest amount you will pay
5.
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.
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which of the following can be affected by your 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.
It will be easier to get a car
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
A secured loan is a loan backed by collateral—financial assets you own, like a home or a car—that can be used as payment to the lender if you don't pay back the loan. The idea behind a secured loan is a basic one. Lenders accept collateral against a secured loan to incentivize borrowers to repay the loan on time.
So, Secured loans are less costly than unsecured loans because _________.
They usually have a lower interest rate
They require collateral
They are less risky for the financial institution.
They are a higher risk loan for the lender
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