Debt and Bankruptcy Quiz
Quiz
•
Mathematics
•
9th - 12th Grade
•
Hard
+3
Standards-aligned
Matthew Bird
FREE Resource
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15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
When you borrow money in the form of a loan or a credit card, you can end up paying more than the loan amount because you will pay ___ in addition to the loan amount.
rate
interest
principal
balance
Tags
CCSS.7.RP.A.3
2.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the first step in the debt snowball method?
Pay off the debt with the highest interest rate first
List debts from smallest to largest by dollar amount
List debts from highest to lowest interest rate
Make minimum payments on all debts
3.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the main psychological benefit of the debt snowball method?
It saves more money in the long run
It focuses on high interest rates first
It is easier to manage
It provides small psychological wins
4.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the primary difference between the debt snowball and debt avalanche methods?
The interest rates of the debts
The total amount of debt to be paid off
The minimum payments on the debts
The order in which debts are paid off
5.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
According to the debt avalanche method, how should debts be prioritized?
Randomly
From highest to lowest interest rate
From smallest to largest by dollar amount
From largest to smallest by dollar amount
Tags
CCSS.7.RP.A.3
6.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What is the purpose of maintaining minimum payments on other debts while focusing on one?
To accumulate more debt
To avoid late fees
To increase credit score
To reduce the principal amount
7.
MULTIPLE CHOICE QUESTION
2 mins • 1 pt
What does the debt snowball and avalanche methods aim to achieve?
Buying more assets
Being debt-free
Financial independence
Increase in debt
Tags
CCSS.7.RP.A.3
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