Credit and Debt Review

Credit and Debt Review

9th - 12th Grade

23 Qs

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Credit and Debt Review

Credit and Debt Review

Assessment

Quiz

Social Studies

9th - 12th Grade

Easy

Created by

Mike Maietta

Used 39+ times

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23 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A three-digit number (ranging from 300-850) based on an individual's credit history

Credit Report

Credit Score

Credit Card

Credit Check

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The rate charged for borrowing money, usually expressed as a percent of the amount borrowed. The "extra" amount you pay on a debt.

Interest rate

Principal rate

Term

Liquidation rate

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount of money you borrow from a lender, this does not include interest.

Interest

Principal

Term

Liquidation

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The length of a loan agreement. Ex: Your home mortgage is a 30 year loan

Interest

Principal

Term

Liquidation

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first

Debt snowball method

Debt avalanche method

Chapter 7 Bankruptcy

Chapter 13 Bankruptcy

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first

Debt snowball method

Debt avalanche method

Chapter 7 Bankruptcy

Chapter 13 Bankruptcy

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The maximum amount that may be borrowed on a credit card

Credit Score

Credit Utilization

Outstanding Balance

Credit Limit

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