Financial Literacy Quiz

What is the term for money owed?

• Credit score

• Debt

• Collateral

• Down payment

Which type of loan involves equal payments over a fixed period?

• Secured loan

• Unsecured loan

• Installment loan

• Predatory loan

What is the maximum dollar amount that can be borrowed called?

• Credit limit

• Down payment

• Collateral

• Credit history

What is a loan that doesn't require any collateral?

• Secured loan

• Unsecured loan

• Installment loan

• Predatory loan

What is something you pledge to a lender if you fail to make payments?

• Credit score

• Debt

• Collateral

• Down payment

What is a rating used by credit reporting companies to help lenders decide credit extension?

• Credit history

• Credit score

• Credit limit

• Debt

What summarizes a person's borrowing and repayment history?

• Credit score

• Credit history

• Collateral

• Debt

What is an initial payment made when something is bought on credit?

• Installment loan

• Down payment

• Credit limit

• Collateral

What term describes lending practices that impose unfair loan terms?

• Secured loan

• Unsecured loan

• Predatory loans

• Installment loan

What is an academic program taken at the undergraduate level, typically after 2 years of study?

• Bachelor's Degree

• Certificate Programs

• Associate Degree

• Predatory loans