Loans, Credit and Credit Card Test

Quiz
•
Life Skills
•
11th Grade
•
Medium
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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