Shroutrageous: Credit

Shroutrageous: Credit

7th Grade

12 Qs

quiz-placeholder

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Shroutrageous: Credit

Shroutrageous: Credit

Assessment

Quiz

Social Studies

7th Grade

Practice Problem

Hard

Created by

Catherine Shrout

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12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The ability to borrow money is called

credit

debit

budgeting

investment

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A credit card

gives you permission to buy something now and pay it back later

takes money out of your bank account automatically

is a courtesy offered by the bank

is an online payment service that allows consumers to transfer money automatically

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A debit card

gives you permission to buy something now and pay for it later

automatically deducts money from your bank account

provides gifts to get you to open a bank account

is an online payment service that allows consumers to transfer money electronically

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an advantage of using a credit card?

You don't have to pay it back

It takes money right from your bank account

It can help build up a good credit score by building a credit history

It can help you buy whatever you want when your money ran out for that month

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a disadvantage of using credit?

You can never pay it back.

You often have to pay interest or extra fees, which can make things more expensive.

It shows you're irresponsible.

It's very hard to get a good credit score.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a potential risk of using a credit card?

Building a good credit score.

Overspending and accumulating debt.

Having a fixed spending limit.

Receiving monthly statements.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of a debit card?

To borrow money from the bank.

To make purchases using funds directly from your bank account.

To earn rewards on every purchase.

To invest in stocks and bonds.

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