
Unit 4 Summative Review

Quiz
•
Life Skills
•
9th - 12th Grade
•
Medium
Alysyn Merrill
Used 5+ times
FREE Resource
63 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Ashton is trying to decide between getting a debit card, a prepaid debit card, and a credit card. Which statement is true?
All 3 cards are completely different
Debit cards and prepaid debit cards are the same
Debit cards and credit cards are the same
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The average APR for a payday loan is closest to …
4%
14%
40%
400%
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following statements comparing credit and debit cards is TRUE?
Far more businesses accept credit cards than debit cards
Credit cards pull money directly from your bank account, while debit cards get their money from Visa or Mastercard
Credit card companies provide you with a monthly statement, while debit cards do not
With debit cards, you're spending your own money at point of sale, but with credit cards, you're getting a loan that you need to pay back later
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is most likely to represent a fixed rate, secured debt?
A student loan
A credit card
A prepaid debit card
An auto loan
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these statements best explains why it's often a good idea to pay more than the monthly amount due on an amortized loan?
Every time you pay extra, the lender will reduce the interest rate they're charging by a small amount
The extra payment will be applied to the principal amount you owe, which will pay down your debt more quickly
The extra payment will be applied to the interest you owe, which will reduce the overall cost of your loan
Amortized loans typically have much higher interest rates than credit cards, so they're the best place to put your extra cash
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If you are having trouble making auto loan payments and are really following a tight budget, which recommendation below represents the WORST advice?
Find an extra source of income by taking a second job, working longer hours, or borrowing from family if they can afford to help
Stop making payments on some of your debts so you can focus on getting the most expensive or largest debts under control
Continue making all payments and call your lenders and see if you can negotiate lower monthly payments, lower interest rates, or longer terms
Explore whether a free or non-profit credit counseling service could help
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When loans are amortized, monthly payments are _______ , while the amount of your monthly payment applied to interest ________ and the amount of your monthly payment applied to the principal _______ over time.
Constant, Increases, Increases
Constant, Decreases, Increases
Variable, Decreases, Increases
Variable, Decreases, Decreases
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