Loans, Credit and Credit Card Test

Loans, Credit and Credit Card Test

11th Grade

45 Qs

quiz-placeholder

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Loans, Credit and Credit Card Test

Loans, Credit and Credit Card Test

Assessment

Quiz

Life Skills

11th Grade

Medium

Created by

Jessica Castillo

Used 4+ times

FREE Resource

45 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between revolving credit and installment credit?

Revolving credit has a fixed payment schedule while installment credit renews automatically

Revolving credit renews automatically while installment credit has fixed payments

They are the same thing with different names

Neither type of credit requires monthly payments

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an appreciating asset

An asset that increases value over time

An asset that loses value over time

an original amount of a loan or asset

None of the answers

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a depreciating asset

An asset that increases value over time

An asset that loses value over time

an original amount of a loan or asset

None of the answers

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is collateral when using for loans?

A type of credit score

The monthly payment amount

An asset that secures the loan

None of the other answers given

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term describes the difference between what you owe on your home and what you could get from the current market value

 Lien

Equity

 Interest

Answer not given

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The additional cost of borrowing money you need to pay is called

 Lien

Equity

 Interest

Answer not given

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A legal claim against (or right to take/own) an asset until the debt is repaid, usually put on homes.

 Lien

Equity

 Interest

Principal

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