
Credit Test (FinLit2024)
Authored by Melissa Anderson
Business
9th - 12th Grade

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31 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Money that is borrowed and expected to be paid back with interest
Loan
Credit
Bankruptcy
Lender
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A measure of a person's credit risk. Banks use it to decide whether they should give out loans. Typically between 300-850
Interest
Credit Score
Credit Card
Amortization Schedule
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The original amount in a bank account OR borrowed for a loan
Interest
Principal
Term
Credit Score
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Money paid regularly for the use of money borrowed
Amortization Schedule
Principal
Term
Interest
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A table with each monthly payment on a loan. It shows how much of the monthly payment goes toward interest and principal.
Amortization Schedule
Schumer Box
Authorization Table
Check Register
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these statements best explains why it's often a good idea to pay more than the monthly amount due on an amortized loan?
Every time you pay extra, the lender will reduce the interest rate they're charging by a small amount
The extra payment will be applied to the principal amount you owe, which will pay down your debt more quickly
The extra payment will be applied to the interest you owe, which will reduce the overall cost of your loan
Amortized loans typically have much higher interest rates than credit cards, so they're the best place to put your extra cash
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When loans are amortized, monthly payments are _______ , while the interest portion of the monthly payment ________ and the principal portion of the monthly payment _______ over time.
Constant, Increases, Increases
Variable, Decreases, Increases
Constant, Decreases, Increases
Variable, Decreases, Decreases
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