
Managing Credit Quiz
Quiz
•
Social Studies
•
12th Grade
•
Medium
David Weathersby
Used 1+ times
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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one benefit of a secured loan?
Higher interest rate
No need for collateral
Lower interest rate
No repayment required
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a difference between credit cards and debit cards?
Credit cards spend borrowed money, debit cards spend your money
Credit cards have no interest, debit cards do
Debit cards earn rewards, credit cards do not
Debit cards build credit, credit cards do not
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the principal in terms of credit card payments?
The total interest paid
The original amount borrowed
The total fees incurred
The monthly payment amount
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a credit card?
To provide unlimited funds
To extend a line of credit for purchases
To eliminate financial responsibility
To offer free services
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the average APR for credit?
10%
15%
5%
25%
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is another name for APR?
credit score
credit history
interest rate
grace period
7.
FILL IN THE BLANK QUESTION
1 min • 1 pt
The higher the credit score, the _________ the interest rate.
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