TEST: Unit 3 - Types of Credit

TEST: Unit 3 - Types of Credit

28 Qs

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TEST: Unit 3 - Types of Credit

TEST: Unit 3 - Types of Credit

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Jessika Cuhel

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28 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A variable-rate is when...

the interest rate can change during the duration of the loan
the interest rate remains constant/the same during the duration of the loan

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A fixed-rate is when...

the interest rate can change during the duration of the loan
the interest rate remains constant/the same during the duration of the loan

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A debt that is tied to a specific asset is a

Secured Debt
Unsecured Debt

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An open line of credit that can be used for any purchases is

Secured Debt
Unsecured Debt

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A credit card offer comes in the mail with the bold print "0% A.P.R. for New Accounts." Which important piece of information should you find before thinking about signing up?

Can I get two or more cards with this offer?
What is the A.P.R. after the introductory period?
What kind of designs can I get on my card?

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Reading through a credit card disclosure (aka the Schumer Box), you see the A.P.R. for a specific card is set at 9.99% - 23.99%. Which of the following statements is probably TRUE?

When given a range of A.P.R.s like this, you can assume most cardholders pay the lowest rate listed
One of the primary factors determining your card's A.P.R. is your credit score
The A.P.R. on credit cards is usually fixed so they won't be adjusted as long as you are a cardholder

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a factor that is NOT considered when determining interest rate?

Credit score
Actual loan terms
Life situation
Whether you have a dog or a cat

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