Types of Credit
Flashcard
•
Life Skills
•
9th - 12th Grade
•
Medium
Edward Santoro
Used 1+ times
FREE Resource
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20 questions
Show all answers
1.
FLASHCARD QUESTION
Front
Where do banks get the money to lend out to consumers?
Back
From their clients' savings accounts
2.
FLASHCARD QUESTION
Front
How do banks make money off of the credit they issue?
Back
They charge a high interest rate on the loan
3.
FLASHCARD QUESTION
Front
Which of the following is NOT a typical type of credit? Mortgage, Overdraft, Credit Card, Pre-Paid Debit Card
Back
Pre-Paid Debit Card
4.
FLASHCARD QUESTION
Front
Which of the following is typically a SECURED loan? Auto Loan, Student loan, Credit Card Balance, Overdraft
Back
Auto Loan
5.
FLASHCARD QUESTION
Front
Why get a secured loan if the collateral can be taken away?
Back
Because they usually have a lower interest rate
6.
FLASHCARD QUESTION
Front
What may NOT impact the interest rate on your loans?
Back
Your level of education
7.
FLASHCARD QUESTION
Front
True or False: A cosigner's credit history can be affected by the loan they are cosigned on.
Back
True
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