SSPLF5: Credit

SSPLF5: Credit

12th Grade

44 Qs

quiz-placeholder

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SSPLF5: Credit

SSPLF5: Credit

Assessment

Quiz

Social Studies

12th Grade

Medium

Created by

Mary Maddox

Used 6+ times

FREE Resource

44 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

Credit

is being able to obtain money or goods or services in exchange for promise of payment in the future

means buy now, pay later

is the borrowing of money with a guarantee of repayment at a later date, with interest

ties up future income in the obligation to pay & with the added charge of interest

all of these choices describe credit.

2.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

Merchants and banks like to extend credit because

that's the only way they can make money

the government forces them to

it's the right thing to do

they like the interest they earn from their customers

3.

MULTIPLE CHOICE QUESTION

30 sec • 5 pts

Media Image

The disadvantage with the "buy now, pay later" concept of credit is

it means you can have items you want now & there are no consequences

it ties up your future income and you pay more for your purchase because you have to pay interest

you build credit history

What disadvantage? There is no disadvantage

4.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

How are interest rates expressed?

different ways, depending on the lender

as a %

numerically

text

5.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

Banks collect interest for _____________ and pay interest for ______________.

certificates of deposit; mortgages

investments; car loans

lending $; saving $

savings accounts; lending money

6.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

When loaning money to customers, lenders consider the 3 C's of credit:

capacity, consistency, competence

character, capacity, collateral

character, compassion, competence

collateral, competitiveness, consistency

7.

MULTIPLE CHOICE QUESTION

20 sec • 5 pts

Media Image

In the 3 c's of Credit, a person's financial character refers to

the type of personality you have

how likely you are to repay the loan

a letter, number, or symbol on your computer keyboard

how likely you are to use the loan

none of these options refer to a borrowers financial character

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