Spring 2024 Credit Classification Flashcard

Spring 2024 Credit Classification Flashcard

Assessment

Flashcard

Business

9th - 12th Grade

Hard

Created by

Wayground Content

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

What is the main difference between installment loans and revolving credit?

Back

Installment loans have a fixed repayment schedule, while revolving credit does not.

2.

FLASHCARD QUESTION

Front

Which of the following is an example of secured debt? Credit card debt, Student loans, Personal line of credit, Mortgage loan

Back

Mortgage loan

3.

FLASHCARD QUESTION

Front

What type of debt is a car loan?

Back

Installment loan

4.

FLASHCARD QUESTION

Front

What is the characteristic of variable rate debt?

Back

The interest rate fluctuates based on market conditions.

5.

FLASHCARD QUESTION

Front

Which type of credit typically has a higher interest rate? Options: Secured debt, Installment loans, Variable rate debt, Revolving credit

Back

Revolving credit

6.

FLASHCARD QUESTION

Front

What is the main feature of unsecured debt?

Back

It does not require collateral.

7.

FLASHCARD QUESTION

Front

What type of credit is a home equity line of credit (HELOC)? Options: Secured debt, Revolving credit, Installment loan, Variable rate debt

Back

Revolving credit

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