CREDIT FINAL

CREDIT FINAL

63 Qs

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CREDIT FINAL

CREDIT FINAL

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Created by

Aaron Antram

Used 4+ times

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63 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should you do if you can’t pay your credit card bill?

Ignore it and hope it goes away.
Call the credit card company to discuss payment options.
Use another credit card to pay it.
Change your name and move to Pocatello, Idaho.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the best way to use a credit card responsibly?

Only buy things you can afford to pay back.
Use it to buy as much as you want.
Never pay the bill and keep borrowing money.
Use as much credit as you can to increase our credit score.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which best describes the difference between secured and unsecured loans?

Secured loans require collateral, while unsecured loans do not.
Secured loans have a higher interest rate than unsecured loans.
Secured loans are only available to individuals with good credit, while unsecured loans are available to anyone.
Secured loans do not require a credit check, but unsecured loans do.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Elliott renovates his home using a loan that requires him to sign over the title to his car if he doesn't pay as promised. What type of loan does Elliott have?

Unsecured loan
Auto loan
Secured loan
Payday loan

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of financial aid is considered free money?

Loans
Grants
Work-study
Scholarships

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main benefit of taking out a federal student loan instead of a private loan?

Federal student loans offer lower interest rates and more flexible repayment options.
Federal student loans do not need to be repaid after graduation.
Federal student loans offer more money than private loans.
You will have a higher interest rate for a federal student loan.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the best way to stay out of debt?

Continuously take out personal loans to cover expenses.
Rely on credit cards for all of your purchases and pay them off at the end of the month.
Spend only what you can afford and avoid using credit cards for unnecessary purchases.
Borrow money from friends and family whenever you need it.

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