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Financial Responsibility Pt 1

Authored by Kacy Simpson

Other

12th Grade

Used 6+ times

Financial Responsibility Pt 1
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7 questions

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1.

MATCH QUESTION

5 mins • 5 pts

Match the following

Cost paid to secure a good or service.

Cost Comparison

Plan for future spending and saving.

Expense

Payment received for goods, services, including employment.

Income

Comparing the cost of two or more goods or services to find the best value.

Budget

Is the cost of the item more than, equal, or less than the benefit that comes from purchasing it.

Cost-Benefit Analysis

2.

MATCH QUESTION

5 mins • 5 pts

Match the following

The extent to which a person or company is considered suitable to receive financial credit

Loan

a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.

Interest Rate

an initial payment made when something is bought on credit.

Down Payment

provide funding for (a person or enterprise).

Creditworthiness

the proportion of a loan that is charged as interest to the borrower

Financed

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Auto-Loan # 1

Loan Principle = $ 32,000

Down Payment = $ 5,000

Interest rate - 4.2 %

Loan term = 60 months

How much is the monthly payment??

$500.25

$499.69

$592.22

$425.98

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Auto-Loan # 1

Loan Principle = $ 32,000

Down Payment = $ 5,000

Interest rate - 4.2 %

Loan term = 60 months

How much is the interest charged??

$2981.20

$3533.28

$2525.25

$2268.98

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Auto-Loan # 2

Loan Principle = $ 58,000

Down Payment = $ 5,000

Interest rate - 5 %

Loan term = 48 months

How much is the monthly payment??

$1335.70

$1258.85

$1220.55

$1452.84

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Auto-Loan # 2

Loan Principle = $ 58,000

Down Payment = $ 5,000

Interest rate - 5 %

Loan term = 48 months

How much is the total interest charged?

$6113.55

$5242.58

$5112.52

$5586.52

7.

MULTIPLE SELECT QUESTION

5 mins • 1 pt

How does your credit score affect your finance rate?

Lower the score higher the rate

Higher the score better the rate

Lower the score better the rate

Higher the score higher the rate

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