Credit Review Day 1

Credit Review Day 1

12th Grade

12 Qs

quiz-placeholder

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Credit Review Day 1

Credit Review Day 1

Assessment

Quiz

English

12th Grade

Practice Problem

Medium

CCSS
RI.8.2, RL.11-12.2, RL.7.1

+2

Standards-aligned

Created by

David Lamb

Used 5+ times

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is credit free?

Yes

No

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sam is in need of a quick cash advance and decides to borrow money against the value of their next paycheck. Sam is using a what?

A) Payday loan

B) Pawn shop loan

C) Personal loan from a bank

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Taylor is borrowing $10,000 to buy a car and agrees to use the car as collateral for the loan. This an example of a what?

A) Secured loan

B) Unsecured loan

C) Payday loan

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Alex wants to buy a bicycle and pay for it over time without taking a loan from a bank. The store offers to keep the bicycle aside while Alex makes payments until the full price is covered. Is this method known as:

A) Layaway

B) Installment plan

C) Secured loan

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Casey is considering a loan offer that allows borrowing up to a certain limit and repaying the borrowed amount plus interest over time, with the flexibility to borrow more as the balance is paid. Is this offer describing:

A) Secured loan

B) Revolving credit

C) Closed-end credit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Jamie wants to take out a loan without offering any property or assets as security. Should Jamie look for a:

A) Secured loan

B) Unsecured loan

C) Payday loan

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Lee needs to get a new cell phone plan where they will pay for the service at the end of each month. Is this arrangement an example of:

A) Service credit

B) Open-end credit

C) Secured credit

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