
Unit 5/6 PF
Quiz
•
Other, Life Skills
•
10th - 11th Grade
•
Medium
Shellie Barnett
Used 2+ times
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40 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Where do banks get the money to lend out to consumers?
From their clients' credit card accounts
From their clients' savings accounts
From the Federal government
From their own money vaults
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
How do banks make money off of the credit they issue?
They charge a large, one-time fee at the start of the loan
They take out a small fee each month from your checking account
They charge a high interest rate on the loan
This is a trick question - they DON'T make money!
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is NOT a typical type of credit?
Mortgage
Overdraft
Credit Card
Pre-Paid Debit Card
4.
MULTIPLE SELECT QUESTION
1 min • 1 pt
Which of the following could be a SECURED loan? (hint: choose 2 correct answers)
Auto loan
Student loan
Mortgage
Overdraft
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What may NOT impact the interest rate on your loans?
Your relationship with the financial institution
Your credit score
The loan amount
Your level of education
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
True or False: A cosigner's credit history can be affected by the loan they are cosigned on.
True
False
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