Financial Literacy Quiz
Authored by Ashanti Smiley
Life Skills
10th Grade
Used 6+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the process of paying off debt over time in equal installments called?
Collateral
Amortization
Credit Limit
Overdraft Protection
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does APR stand for in financial terms?
Annual Payment Rate
Annual Percentage Rate
Annual Principal Rate
Annual Profit Rate
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is something valuable that a lender can take if a loan is not repaid?
Cosigner
Credit Limit
Collateral
Principal
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an agreement where a borrower receives something of value now and agrees to repay later?
Credit
Term
Interest
Net Worth
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the role of a credit bureau?
To lend money
To collect and sell credit information
To provide loans
To manage bank accounts
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the maximum amount that may be borrowed on a credit card called?
Down Payment
Principal
Credit Limit
Minimum Payment
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a partial payment made out of your pocket at the beginning of a purchase called?
Interest
Down Payment
Term
Debt
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