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Credit review

Authored by Gregory Owens

Social Studies

10th - 12th Grade

Used 3+ times

Credit review
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Collateral is:

Required for all loans

A form of credit

Something of value that secures a loan to protect the lender

Something that explains your net worth

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A type of closed credit where the loan is repaid with interest in equal periodic payments. Example: car loan, mortgage

Consumer Credit Counseling Services

installment credit

finance charge

revolving credit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Victims of predatory lending practices are typically:

Consumers who are financially literate

Consumers who have good credit history

The elderly and people with poor credit history

Borrowers in wealthy communities

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Julia opened her credit card bill and was surprised by the amount he owed. She cannot pay the full amount this month. What is the lowest dollar amount he is required to pay?

Monthly fee payment

Principal payment

Minimum payment

Interest payment

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To improve an unfavorable credit rating, a person should

apply for more credit

increase the number of payroll deductions

pay bills on time

open a checking account

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is considered to be open-ended credit?

A mortgage

A car loan

A department store charge card

Installment loans

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

Borrowing money from friends and relatives

Pay all bills on time

making regular deposits

and avoiding penalties for insufficient funds

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