Wise Credit

Borrowing money that you must then repay with interest

• Income

• Credit

• Saving

• Investing

What is the term for borrowing money that you must then repay with interest?

• Income

• Credit

• Saving

• Investing

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

• Higher interest rates

• Lower interest rates

• More debt

• Less financial opportunities

What is a common consequence of not paying back a loan on time?

• Improved credit score

• Decreased credit score

• Increased savings

• More investment opportunities

Which of the following is a type of credit?

• Mortgage

• Salary

• Gift

• Allowance

What is the primary purpose of a credit report?

• To track your spending habits

• To provide a history of your credit usage

• To calculate your taxes

• To determine your income

Which of the following is NOT a factor in determining your credit score?

• Payment history

• Amount of debt

• Age

• Length of credit history

What is the term for the maximum amount you can borrow on a credit card?

• Credit limit

• Credit score

• Credit report

• Credit interest

Which of the following is a secured form of credit?

• Credit card

• Personal loan

• Mortgage

• Student loan

What is the term for the cost of borrowing money, usually expressed as a percentage?

• Principal

• Interest

• Dividend

• Equity