Household Debt Quiz

What is a personal loan?

• A form of household debt

• A type of income

• A gift from a friend

• A savings plan

What is the balance on credit cards considered as?

• Household debt

• Savings

• Income

• Investment

What does household debt benefit besides individuals?

• Families

• Animals

• Plants

• Machines

What does having a high level of debt among households indicate?

• Financial development

• Financial trouble

• Economic crisis

• Economic decline

What can interest rates be applied to?

• Loans, mortgages, credit cards, and savings accounts

• Only savings accounts

• Only credit cards

• Only loans

What is the main topic of the text?

• Interest Rates

• Cooking Recipes

• Historical Events

• Weather Patterns

What is an example of an underlying index for Variable APR?

• The prime rate

• The temperature

• The time of day

• The color of the sky

What is included in the APR calculation?

• Interest rate and additional fees

• Only the interest rate

• Only the principal amount

• Only the loan term

What does the APR not include?

• The principal amount

• The interest rate

• Additional fees

• The loan term

What is one positive impact of debt?

• Building Credit History

• Interest Costs

• Financial Stress

• Risk of Over indebtedness