Henry took out a loan to buy a car. What is the term used to describe the money that Henry owes to the bank, typically involving a repayment schedule and interest?
Personal Finance Assessment

Quiz
•
Social Studies
•
6th Grade
•
Easy
Lisa Palmer
Used 1+ times
FREE Resource
31 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Income
Expense
Credit
Investment
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Grace is applying for a car loan. Which term refers to the evaluation of her ability to repay the loan?
Charitable giving
Credit score
Overdraft
Budget
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a fixed expense?
A cost that changes based on usage or consumption
A cost that remains the same each period regardless of activity
A donation made to help others
The interest earned on investments
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term 'philanthropy' refer to?
The act of investing money to earn a return
The act of giving money to help others
The process of taking out a loan
The practice of saving money in a bank
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one way a student can participate in the economy of their community?
Volunteering at a local library
Doing a summer job
Watching a movie
Playing video games
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important for students to learn to manage their money?
To buy video games
To increase their money
To spend on holidays
To learn history
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can be a consequence of Henry making poor financial decisions in his business?
Increased savings
Better grades in school
Negative impact on the community's economy
More leisure time
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