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Types of Credit

Authored by Tyler Cates

Social Studies

9th - 12th Grade

Used 4+ times

Types of Credit
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40 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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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!

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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Which of the following is NOT a typical type of credit?

Mortgage

Overdraft

Credit Card

Pre-Paid Debit Card

3.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

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Which of the following could be a SECURED loan? (hint: choose 2 correct answers)

Auto loan

Student loan

Mortgage

Overdraft

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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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

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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True or False: A cosigner's credit history can be affected by the loan they are cosigned on.

True

False

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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Why does the amount of INTEREST you owe on a loan decrease over time?

The institution trusts you more, so they lower the interest

With each payment, principal increases; so interest lowers

Banks are legally required to lower interest rates over time

With each payment, principal decreases, so interest lowers

7.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

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What information on a Schumer Box should you focus on when choosing a credit card? (hint: choose 3 correct answers)

The term of the credit card

Annual Percentage Rate (APR)

Grace Period

Fees

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