Credit and Loans Quiz
Authored by Bradley Dawson
Financial Education
10th Grade
Used 2+ times
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19 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the ability to borrow money or access goods or services with the understanding that you'll pay later?
Collateral
Credit
Principal
Cosigner
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is the person or entity that lends money or extends credit?
Debtor
Creditor
Cosigner
Principal
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for a person who owes money?
Creditor
Debtor
Cosigner
Collateral
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of credit is used by individuals for personal needs?
Consumer Credit
Secured Credit
Unsecured Credit
Line of Credit
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a legally binding agreement between two or more parties?
Credit
Contract
Collateral
Credit Report
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What clause allows a lender to demand full repayment if certain conditions are not met?
Finance Charge
Acceleration Clause
Credit Report
Credit Score
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of credit is repaid in equal payments over a specified period?
Open-end Credit
Installment Loan
Line of Credit
Unsecured Credit
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