How would you calculate your realized income when paid hourly, factoring in FICA, federal withholding, and state withholding?

Subtract your total deductions from gross pay

Add your gross pay and deductions

Use your hourly rate to estimate pay

Calculate the difference between gross and taxable income

A mortgage payment typically consists of principal and interest. How do you calculate the portion of your payment that applies to the principal?

Subtract the interest payment from the total payment

Multiply the interest rate by the loan amount

Divide the total payment by the loan balance

Use a fixed interest rate calculator

If a credit card has a 17.5% APR and a $39 late fee is charged, what is the impact on your credit card balance at the beginning of the following month?

Interest is added to the principal along with a late fee

The card balance stays the same

You are charged an additional fee without any interest

The fee and interest are deducted from the account

When you take out a cash advance on a credit card, how does the interest and fee affect the total amount due?

The fee is added to the total, and interest accumulates on the new balance

The interest is deferred until the next month

Only the fee is added to the total amount due

No fee is charged for cash advances

What is the impact of making a late payment on a credit card balance that also includes an APR charge?

The interest will increase, and a late fee will be added

Interest is waived for the month

If you make a purchase on a rewards credit card and decide not to pay it off, how does the interest compare to the rewards you earn?

The interest is often higher than the reward

The reward amount is much higher than the interest

The reward balances out the interest exactly

There is no effect on the rewards

Which action would help improve your debt-to-income ratio when you have multiple credit cards?

Paying off a card with the highest balance and keeping it open

Decreasing the credit limit of one card

Making only minimum payments on all cards

Closing your largest credit card

If your credit score is 500 and you have a credit card balance, how does your score influence the interest rate on a new credit card?

The interest will likely be very high

The interest will likely be very low

The interest rate will likely not be influenced

How can you calculate the difference in cost between store brand and name brand items in a shopping scenario?

Subtract the total of the store brand items from the total for name brands

Add the price of the store brand items to the price of name brands

Only count the price of the name brands

Multiply the cost of each item by its brand

Loan and Credit Quiz

Authored by Shannon Saumweber

Mathematics

11th Grade

21 Questions

CCSS covered

Used 1+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a person has a low-interest loan with a fixed rate, what term is used to describe the amount of money they still owe before any additional fees or interest are applied?

Principal

Interest

APR

Collateral

Which of the following best describes the total amount of money that is charged in addition to the original loan amount?

Interest

APY

Credit

Principal

When determining creditworthiness for determining the FICO score, which of the following aspects is the most crucial to assess?

Payment history

Interest rate

Loan type

Credit card limit

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person applies for a loan and is asked to provide an item that can be used to secure the loan in case of non-payment. What is this item known as?

Collateral

Credit limit

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following does NOT directly count as a financial asset in personal budgeting?

House

Car

Debit card

Cash

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Credit scores are often calculated based on which of the following key elements?

Payment history, debt ratio, and types of credit

Your monthly income

The number of loans you have

How many credit cards you own

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of card is most commonly referred to as a debit card?

Check card

Charge card

Credit card

Cash card

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Loan and Credit Quiz

If a person has a low-interest loan with a fixed rate, what term is used to describe the amount of money they still owe before any additional fees or interest are applied?

Which of the following best describes the total amount of money that is charged in addition to the original loan amount?

When determining creditworthiness for determining the FICO score, which of the following aspects is the most crucial to assess?

A person applies for a loan and is asked to provide an item that can be used to secure the loan in case of non-payment. What is this item known as?

Which of the following does NOT directly count as a financial asset in personal budgeting?

Credit scores are often calculated based on which of the following key elements?

Which type of card is most commonly referred to as a debit card?

A perfect credit score is the highest attainable score in most credit scoring models. What is this ideal score?

When you begin building credit, paying your balance in _____ each month helps maintain a strong credit score.

What does APY stand for in the context of savings or investments?

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