Credit Types Quiz

What is another name for an installment loan?

• Revolving charge account

• Term loan

• Pawnshop loan

• Title loan

What determines the monthly payment of an installment loan?

• Unpaid balance

• Minimum payment due

• Credit limit

• Principal, term, and interest rate

Tags

CCSS.7.RP.A.3

Which type of credit card can only be used in specific stores?

• Store credit card

• Mastercard

• Visa card

• Regular credit card

What is the maximum amount that can be charged on a credit card called?

• Credit limit

• Unpaid balance

• Finance charge

• Minimum payment

Which type of loan requires collateral?

• Title loan

• Pawnshop loan

• Revolving charge account

• Installment loan

What is the interest rate range for regular credit cards?

• 20-25%

• 15-20%

• 10-15%

• 5-10%

Tags

CCSS.7.RP.A.3

What type of loan is very expensive and not recommended?

• Title loan

• Pawnshop loan

• Revolving charge account

• Installment loan

What is the purpose of a post-dated check in a collateralized loan?

• To pay the finance charge

• To roll the loan over

• To deposit the refund

• To provide collateral

What type of loan is offered by tax preparers for an instant refund?

• Installment loan

• Revolving charge account

• Pawnshop loan

• Refund anticipation loan

Upfront payment is also known as?

• Interest

• Down payment

• Term

• Collateral