Credit Basics and Consumer Rights Quiz

Credit Basics and Consumer Rights Quiz

9th - 12th Grade

25 Qs

quiz-placeholder

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Credit Basics and Consumer Rights Quiz

Credit Basics and Consumer Rights Quiz

Assessment

Quiz

Social Studies

9th - 12th Grade

Practice Problem

Easy

Created by

John Verbich

Used 14+ times

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25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is credit?

Free money from the government

Borrowed money that must be paid back with interest

A savings account

A type of loan that doesn’t require repayment

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an annual percentage rate (APR)?

A credit score rating

The total amount you owe

The interest rate charged yearly for using credit

A fee for opening a credit card

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following affects your credit score?

Your hair color

Whether you pay your bills on time

The number of friends you have

Your job title

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a grace period on a credit card?

Time given to return an item

A time when no interest is charged if the balance is paid in full

The minimum amount due

The time after your card is canceled

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does “minimum payment” mean?

The total amount you owe

The late fee on your account

The smallest amount you must pay by the due date

A bonus payment

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What happens if you only pay the minimum on your credit card each month?

You avoid all interest

You pay off your debt faster

You build strong credit

You pay more over time due to interest

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a finance charge?

A refund

The amount of money you borrow

The cost of borrowing money, including interest and fees

A reward for early payment

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