
Credit Vocab Review
Authored by Bobbie Heller
Life Skills
9th - 12th Grade
Used 12+ times

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12 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The process of paying off a debt in regular installments over a period of time is known as _____.
Amortization
Annual Fee
Annual Percentage Rate
Authorized User
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The smallest amount you can pay each month to keep your credit card in good standing is called the _____. However, it's recommended that you pay your balance in full each month.
Lease
Loan
Minimum Payment
Mortgage
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Amanda has taken out a(n) _____, which has an interest rate that changes based on the market. As a result, her monthly payments may change.
Small Business Loan
Term
Unsecured Debt
Variable-Rate Loan
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A car loan is an example of _____, where the loan is backed by collateral. If payments are not made, the lender can seize the car itself.
Schumer Box
Secured Credit Card
Secured Debt
Small Business Loan
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The _____ is the amount you are charged to borrow money.
Installment Loan
Interest
Interest Rate
Late Payment Fee
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To purchase their first home, the Thompsons took out a(n) _____.
Lease
Mortgage
Payday Loan
Peer-to-Peer Lending
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The _____ is how long you have to pay the money back, with interest, to the lender.
Small Business Loan
Term
Unsecured Debt
Variable-Rate Loan
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