Credit Intro

Credit Intro

12th Grade

•

30 Qs

quiz-placeholder

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Credit Intro

Credit Intro

Assessment

Quiz

•

Social Studies

•

12th Grade

•

Practice Problem

•

Medium

Created by

Allison Burtt

Used 16+ times

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30 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of credit?

when the consumer knows that money today is worth more than money tomorrow

when the borrower receives something of value now and agrees to repay the lender at some date in the future

when the borrower is able to use the rule of 72 to see when their investment will double

when the borrower has to defer or default on a loan

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an example of a bad lender?

credit card companies

buisnesses

banks

pawnshops

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why are some lenders considered bad?

they charge high interest rates

they use collateral

they do not have to follow state and federal regulations

all of the above

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who is a typical borrower from a Finance company/Consumer Finance Company?

a person with a good credit score

a person with a bad credit score

good lenders

bad lenders

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is important to comparison shop on multiple lenders?

you want to find the best deal- especially with high interest rates

you want to be able to avoid bad lenders

some lenders may be fake

you want to find the highest interest rate

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does it mean to make a deferment on a loan?

you only have to pay back half of the original loan amount

you do not have to pay the loan back anymore

you can temporarily stop making payments

you can get the interest rates on the loan lowered

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does it mean to default on a loan?

to temporarily stop making payments

to double the time you have to pay the loan back

to declare bankruptcy

failure to pay back the loan

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