Financial Literacy Quiz

What is the ability to borrow money or access goods or services with the agreement to pay later called?

• Debtor

• Credit

• Default

• Assets

Who is a person or organization that owes money?

• Creditor

• Debtor

• Default

• Finance charge

What term describes a person or institution to whom money is owed?

• Debtor

• Creditor

• Assets

• Earning power

What are items of value owned by an individual or organization called?

• Finance charge

• Assets

• Default

• Credit rating

What is the cost of borrowing, including interest and fees, known as?

• Earning power

• Finance charge

• FICO score

• Layaway plan

Tags

CCSS.7.RP.A.3

What is the ability to generate income referred to as?

• Earning power

• Credit rating

• Default

• Down payment

What is an evaluation of an individual's or entity's ability to repay debt called?

• FICO score

• Credit rating

• Default on a loan

• Installment plan

What is a credit score used to evaluate credit risk known as?

• Credit rating

• FICO score

• Finance charge

• Layaway plan

What is a plan that allows payments to be made at a later date called?

• Deferred payment plan

• Down payment

• Default

• Credit reporting agency

What is the failure to repay a loan according to agreed terms called?

• Default on a loan

• Layaway plan

• Installment plan

• Earning power