Consumer Law - Credit

Consumer Law - Credit

10th Grade

51 Qs

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Assessment

Quiz

Social Studies

10th Grade

Medium

Created by

Kevin Matura

Used 1+ times

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51 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is considered the amount of the loan

Finance Charge

Installment Price

Amount Financed

Answer explanation

Finance means loan!!

Amount Financed = Amount of Loan

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is what you are charged in interest when taking out an installment loan

Finance Charge

Installment Price

Amount Financed

Answer explanation

This is the interest on an installment loan, it is now called finance charge, which refers to the charge applied when financing something

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The _______ is the portion of the cash price that is owed on an item after making the down payment. 

down payment 
amount financed 
final payment 
installment loan

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

The _____ _____ ______ is an index showing the cost of borrowing money on a yearly basis, expressed as a percent

repayment schedule 
single payment loan 
annual percentage rate
term 

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A(n) ______ _______ is a portion of the cash price of an item that has to be paid before financing the rest on credit

down payment
maturity value 
promissory note 
final payment 

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

A(n) ______ _______ is a loan repaid in equal payments over a specified period of time

single payment loan 
installment loan
maturity value 
ordinary interest 

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Your credit score determines how successful you will be in obtaining a loan

True

False

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