Types of Credit Vocab

Types of Credit Vocab

9th - 12th Grade

20 Qs

quiz-placeholder

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Types of Credit Vocab

Types of Credit Vocab

Assessment

Quiz

others

9th - 12th Grade

Hard

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Quizizz Content

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The smallest amount of a credit card bill that a credit card holder must pay during a billing cycle to remain in good standing with the lender
Minimum payment
Principal
Interest Rate
Term
Secured loan/debt

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A standard table that legally must appear in a credit card agreement showing basic information about the card's rates and fees
Schumer Box
Principal
Interest Rate
Term
Secured loan/debt

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The amount still owed on a loan from the perspective of a borrower or lender
Outstanding balance
Principal
Interest Rate
Term
Secured loan/debt

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A mortgage in which the initial interest rate is fixed only for a set period of time and then it changes based on the current rate (could go up or down)
Adjustable Rate Mortgage
Principal
Interest Rate
Term
Secured loan/debt

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

loans that imposes unfair, deceptive, or abusive loan terms on borrowers. In many cases, these loans carry high fees and interest rates. (A payday loan is an example of this)
Predatory lending
Principal
Interest Rate
Term
Secured loan/debt

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An open line of credit that can be used for any purchases as long as you are under the limit; its payments vary monthly based on size of the debt (a credit card is an example of this type of credit)
Revolving credit
Principal
Interest Rate
Term
Secured loan/debt

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

something, usually money, owed by one party to another.
Debt
Principal
Interest Rate
Term
Secured loan/debt

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