Credit
SSPLF5: Credit

Quiz
•
Social Studies
•
12th Grade
•
Medium
Mary Maddox
Used 6+ times
FREE Resource
44 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 5 pts
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
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
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
How are interest rates expressed?
different ways, depending on the lender
as a %
numerically
text
5.
MULTIPLE CHOICE QUESTION
20 sec • 5 pts
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
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
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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