Review for PF Unit 6 - Loans - Quiz

Review for PF Unit 6 - Loans - Quiz

9th - 12th Grade

36 Qs

quiz-placeholder

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Review for PF Unit 6 - Loans - Quiz

Review for PF Unit 6 - Loans - Quiz

Assessment

Quiz

Other

9th - 12th Grade

Hard

Created by

Maria Crusius

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36 questions

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1.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is a Credit Report?

A report on every item you've ever bought throughout your entire life
A history of your responsibility with credit for the last 7-10 years
Your score you receive after taking a credit test
Your credit score

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Which best describes how a credit card works?

The credit card company extends you a line of credit. You then pay a small percentage of the cost of those purchases in one annual payment.
The credit card company extends you a line of credit. You purchase "stuff" and the purchase gets directly paid with funds in your checking account.
The credit card company extends you a line of credit. This is free money that you can use to purchase the "stuff" that you need.
The credit card company extends you a line of credit. You purchase "stuff" and then have the choice to pay the balance in full or a minimum payment each month.

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Why should you read the Schumer Box?

It tells you how much you owe each month on your credit card bill
It lets you know when you’ve gone over your credit limit
It lets you keep track of how much money you have left in your checking account
It tells you the terms of your credit card, including APR and fees

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

What is the advantage of paying your credit card balance in full each month?

You avoid paying any interest and fees.
You will incur only a small "paid in full" fee on your next credit card statement.
You pay only a small amount of interest.
You have less of your credit limit available, therefore, less temptation to spend.

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If you decide to take out a large car loan, the bank you are borrowing from might require you to put up some collateral. Why?

The bank wants you to make a large down payment
It’s a small loan and the bank has no concerns that you’ll pay it back
If you fail to make payments, the bank can seize your asset or property
This way, the bank can keep track of your payments and let you know when you’re late or missed a payment

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

If you miss a credit payment, it will show up on a credit check or inquiry five years later.

True
False

7.

DROPDOWN QUESTION

2 mins • 1 pt

If you miss a credit payment, it will show up on a credit check or inquiry five years later.

(a)  
True
False

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