Practice questions about credit

Practice questions about credit

12th Grade

15 Qs

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Practice questions about credit

Practice questions about credit

Assessment

Quiz

Social Studies

12th Grade

Practice Problem

Easy

Created by

Sandra James

Used 2+ times

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is credit?

Money you have in your pocket

The ability to buy now and pay later

Something you can only use at stores

A type of cash payment

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these is an advantage of using credit?

You always pay less for items

You can buy expensive items in smaller payments

You never have to pay interest

The bank gives you free money

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit card?

A card that takes money from your account right away

A type of ID card

A card that lets you borrow money to buy things

A gift card from the store

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is interest?

Extra money you must pay when borrowing

Free money from the bank

A type of savings account

A reward for using credit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which statement about debit cards is true?

They are the same as credit cards

You can pay later with them

Money comes out of your account right away

They always charge interest

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a fixed interest rate?

A rate that changes every month

A rate that stays the same

A rate only used for credit cards

A rate that goes up every year

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does APR mean?

A Perfect Rate

Annual Percentage Rate

Always Pay Right

Automatic Payment Return

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