Using Credit

Using Credit

9th Grade

16 Qs

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Using Credit

Using Credit

Assessment

Quiz

Life Skills

9th Grade

Practice Problem

Medium

Created by

Alecia Kenney

Used 4+ times

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16 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The three major credit bureaus are Equifax, TransSiberian, and Experion.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What type of loan is a credit card?

Open-ended

Closed-ended

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an interest rate?

The paying off of a debt with a fixed repayment schedule in regular installments over a period of time.

The fee that is paid to borrow money.

The non-interest portion of a loan.

The rate lenders charge borrowers for money.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit score?

A number that represents the risk a lender takes on a borrower.

An average of all of a borrower's credit accounts.

A number that represents how much money a borrower owes.

A score from a test given to borrowers by lenders.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does a high credit score impact a borrower's interest rate, monthly payment, and total price paid for the item?

Does not impact them

Raises them

Lowers them

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Does the number of credit accounts a consumer holds affect their credit score?

Yes

No

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumer credit can help a lender determine how much a borrower is charged to borrow money.

True

False

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