WISE Review: Credit
Authored by Melissa Layton
Financial Education
11th Grade
Used 9+ times
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38 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a source of credit that typically charges high interest rates for consumers with low credit scores?
A) Banks and credit unions
B) Finance company/Consumer Finance Company
C) Government agencies
D) Family and friends
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Anika is trying to manage her student loans effectively. What is a good practice she should follow?
A) Ignoring changes in address
B) Defaulting on loans
C) Comparison shopping
D) Avoiding communication with lenders
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Sophia is considering applying for a credit card and wants to understand the costs involved. What does APR stand for in the context of credit?
A) Annual Payment Rate
B) Annual Percentage Rate
C) Annual Premium Rate
D) Annual Penalty Rate
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is a benefit of credit?
A) Increased debt
B) Access to money for future purchases
C) Higher interest rates
D) Limited borrowing capacity
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Abigail is considering different ways to borrow money. Which of the following is considered a loan from a credit card company?
Installment loans
Student loans
Credit cards
Personal loans
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Olivia is applying for a loan to start her own business. The bank is assessing her application and wants to evaluate her integrity and trustworthiness. Which of the Five C’s of credit is the bank focusing on?
Capacity
Character
Collateral
Capital
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
James is trying to improve his credit score. Which factor can negatively impact his credit score?
Paying bills on time
Low debt to credit ratio
High debt to credit ratio
Applying for fewer loans
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