Foundations in Personal Finance Chapter 4 Credit and Debt
Authored by Whitney Finch
Mathematics
9th - 12th Grade
CCSS covered
Used 12+ times
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19 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Credit that automatically renews whenever a payment is made to reduce the debt.
What is Revolving Credit?
What is Secured Loan?
What is Unsecured Loan?
What is Personal Loan?
Answer explanation
Credit Cards are revolving loans.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Something owned (that has value) offered as security on a debt; if the debt is not repaid as agreed, the item is forfeited to the lender.
Collateral
Asset
Lien
Equity
Answer explanation
Car or House is collateral.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A legal claim (or right to own) against an asset under the debt (loan) is repaid.
What is Lien?
What is Collateral?
What is Asset?
What is Equity?
Answer explanation
Mortgage is financial lien against property.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An asset that increases in value over time.
What is Appreciating Asset?
What is Equity?
What is Depreciating Asset?
What is Interest?
Answer explanation
House, Classic Cars, Collector's Items, or Art can be appreciating assets.
Tags
CCSS.HSF.BF.A.1
CCSS.HSF.LE.A.1
CCSS.HSF.LE.A.2
CCSS.HSF.BF.A.2
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The increase in value of a home over time; the difference between the amount owed and what the home could be sold for.
What is Equity?
What is Asset?
What is Collateral?
What is Lien?
Answer explanation
Appraised Value of Home minus Remaining Loan Amount equals Equity. $100,000 - $60,000 = $40,000 in Equity. (It is a way to measure profit in a house.)
Tags
CCSS.HSF.BF.A.1
CCSS.HSF.LE.A.1
CCSS.HSF.LE.A.2
CCSS.HSA.CED.A.2
CCSS.HSA.SSE.A.1
CCSS.HSF.IF.B.4
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Failure to repay a loan on time.
What is Default?
What is Installment Payment?
What is Depreciating Balance?
What is Predatory Lending?
Tags
CCSS.RI.11-12.5
CCSS.RI.8.5
CCSS.RI.9-10.5
CCSS.RI.6.5
CCSS.RI.7.5
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A loan or fixed amount of money that's paid back in monthly installments.
What is Installment Credit?
What is Depreciating Asset?
What is Predatory Lending?
What is Revolving Credit?
Answer explanation
Car Loans and Student Loans are types of Installment Credit.
Tags
CCSS.RI.11-12.5
CCSS.RI.8.5
CCSS.RI.9-10.5
CCSS.RI.6.5
CCSS.RI.7.5
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