Borrowing Money

Borrowing Money

10th Grade

17 Qs

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Borrowing Money

Borrowing Money

Assessment

Quiz

Business

10th Grade

Practice Problem

Hard

Created by

Sally Wheeler

Used 4+ times

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17 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can someone establish good credit?

By opening a checking account.
By buying an expensive item on credit.
By avoiding credit altogether.
By not paying bills on time.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is collateral?

A credit score.
A type of loan.
Property that will be taken if repayment is not made.
A type of interest rate.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the cost of credit?

The total amount of money borrowed.
The interest charged on a loan per year.
The amount of money a borrower can receive.
The amount of time a borrower has to repay a loan.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between simple interest and add-on interest?

Simple interest is charged on the face amount of the loan, while add-on interest is charged on the principal and interest combined.
Simple interest is charged on the principal and interest combined, while add-on interest is charged on the face amount of the loan.
Simple interest is charged on the outstanding balance, while add-on interest is charged on the full amount of the loan.
Simple interest is charged on the full amount of the loan, while add-on interest is charged on the outstanding balance.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is add-on interest?

Interest charged on the principal and interest combined.
Interest charged on the face amount of the loan at the time it is made.
Interest charged on the outstanding balance for the number of days the money is used.
Interest charged on the full amount of the loan for the entire loan period.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the annual percentage rate (APR)?

The amount of time a borrower has to repay a loan.
The total cost of a loan.
The interest charge on a loan per year.
The amount of money a borrower can receive.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main focus of the lesson referenced in the reading?

Establishing credit
Calculating the cost of credit
Understanding good characteristics of a lender
Discussing what a lender looks for in a borrower

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