Wise Credit

What is buying now and paying later?

• Investing

• Saving

• Income

• Credit

What is the primary purpose of credit in a modern economy?

• A) To accumulate wealth

• B) To facilitate transactions

• C) To increase savings

• D) To reduce taxes

Which of the following is a common form of credit used by individuals?

• A) Mortgage

• B) Salary

• C) Tax

• D) Insurance

What is a credit score used for?

• A) To measure income

• B) To assess creditworthiness

• C) To calculate taxes

• D) To determine savings

Which institution typically issues credit cards?

• A) Hospitals

• B) Banks

• C) Schools

• D) Supermarkets

What is the term for the cost of borrowing money on credit?

• A) Interest

• B) Dividend

• C) Premium

• D) Fee

Which of the following is a benefit of having a good credit score?

• A) Higher interest rates

• B) Easier loan approvals

• C) Increased taxes

• D) More insurance claims

What is the term for the maximum amount that can be borrowed on a credit card?

• A) Credit limit

• B) Credit score

• C) Credit report

• D) Credit interest

Which of the following is a consequence of not paying credit card bills on time?

• A) Improved credit score

• B) Late fees

• C) Increased savings

• D) Lower taxes

What is the term for a detailed report of an individual's credit history?

• A) Credit report

• B) Credit score

• C) Credit limit

• D) Credit interest