What service does a payday lender provide?

Short term loans that will be repaid at your next paycheck

Loans in exchange for collateral being put up

Financial products like bonds or CD's

The ability to consume a product now and pay for it in the future

Taking responsibility for an event that has happened

The total of all withdraws and deposits in your checking account

The difference between your checking and savings account

What is the difference between a credit report and a credit score?

A credit score is a number that represents your credit history. A credit report is a complete report of all credit history.

A credit score is where you rank against other lenders. A credit report is where you rank within your bank.

A credit score is where you rank within your bank. A credit report is where you rank against other lenders

A credit score is a complete report of all credit history. A credit report is a number that represents your credit history.

What is a drawback to using payday lenders?

Available in communities with large unbanked populations

Credit unions are mostly non-profit. What does this mean?

The incentive is to make their customers happy, not for money

They are trying to make as much money as possible

They compete with other companies to make the most money each year

Their goal is to put other banks out of business

A legal proceeding in which a person who cannot pay their bills gets a fresh financial start

Why do lenders charge interest on a loan?

It is illegal to charge interest

Why would a bank offer a higher interest rate on their savings accounts than other banks?

They are competing with other banks for your business

They are hoping that other banks fail

They are nicer than other banks

They care about the consumer and other banks don't

How do lenders discover answers about someone's character?

They ask the friends and family members of that person

Lenders don't care about a person's character

How is your credit score used?

All the above are ways that a credit score can be used

It is used to determine whether a person is eligible for a loan

It is used to determine what kind of interest rate a person will get on their loan

It can be used by landlords to determine a security deposit amount

Which of the following is true about debt-to-income ratio?

It is a monthly measure of a person's ability to make a payment

It compares your gross monthly income with your debt payments each month

The lower the ratio is, the better

Which of the following is NOT a problem that unbanked people may face?

Unbanked people receive extra security that banked people don't receive

Unbanked people have a hard time securing traditional loans

There is an increased financial cost to being an unbanked person

If something happens to your money, it is not insured and will be gone forever

What is the main advantage of having a good credit score?

It makes it easier to get approved for loans and credit cards with lower interest rates

It allows you to borrow more money

It gives you a higher interest rate on loans

It allows you to get a job in the finance industry

What is the main disadvantage of payday loans?

They require a good credit score

They require a long-term commitment

What is the main advantage of using a credit card?

It allows you to delay payment for purchases

It allows you to spend more than you have

It increases your credit score automatically

It provides insurance on all purchases

What is the main disadvantage of having a bad credit score?

It makes it harder to get approved for loans and credit cards

It increases the interest rate on your savings account

It prevents you from getting a job

It automatically disqualifies you from financial aid for education

Unit 2 PFL Test

12th Grade

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26 Qs

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Unit 2 PFL Test

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Social Studies

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12th Grade

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Practice Problem

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Medium

Daniel Jackson

Used 30+ times

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Credit unions offer unique options for loans that banks do not

Credit unions aren't insured

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26 questions

What is FAFSA?

How are interest rates expressed?

Why does a person complete FAFSA?

Which of the following is a universally accepted criteria on a Rational Decision Model?

What is the most common cause of personal bankruptcy in the United States?

When using a rational Decision Model to make choices, what are alternatives?

How are credit unions different from banks?

What website is authorized by federal law and will give you a free credit report every 12 months?

What service does a payday lender provide?

What has the most weight in determining your credit score?

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