TOPIC 4 Test (Credit) P1

TOPIC 4 Test (Credit) P1

40 Qs

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TOPIC 4 Test (Credit) P1

TOPIC 4 Test (Credit) P1

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Created by

Jordan Rohrbach

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40 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

1. The details of any loan will include the following 3 components

a. The principal, the interest rate, and the loan term
b. The money you pay, the money the lender pays, and the principal
c. The mortgage, the auto loan, and the small business loan,
d. The loan amount, the credit card payment, and the statement

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

2. Having a good credit score, making a larger down payment, and finding a cosigner with good credit are all ways to…

a. Decrease your principal
b. Decrease your interest rate
c. Increase your term
d. Increase your total payments

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

3. Which best describes how a credit card works?

a. 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.
b. 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.
c. 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.
d. 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.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

4. What is an outstanding balance?

a. The amount you paid in your minimum payment
b. The amount you spent in total
c. The amount you still owe after you have made your most recent payment
d. The amount you still have in your life of credit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

5. Which of the following statements about payday loans is TRUE?

a. Payday loans get borrowers into a sometimes inescapable cycle of borrowing money because of the high interest rates and fees
b. To qualify for a payday loan you must have a checking account and excellent credit score
c. Payday loans usually have low-interest rates
d. Payday loans do not have any additional fees like other types of unsecured loans

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

6. If you’re using the Snowball Method, which debt do you focus on first after you’ve made all of your minimum payments?

a. Highest balance
b. Lowest interest rate
c. Lowest balance
d. Highest interest rate

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

7. If you’re using the High Rate Method, which debt do you focus on first after you’ve made all of your minimum payments?

a. Lowest interest rate
b. Highest balance
c. Lowest balance
d. Highest interest rate

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