Understanding Debt: Good vs Bad
Authored by Kevin Keene
Financial Education
12th Grade
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24 questions
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1.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is one reason why having some debt can be beneficial?
It always leads to financial trouble.
It can help improve credit scores.
It is a sign of financial irresponsibility.
It prevents you from getting loans.
2.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Why is it important to understand the difference between good and bad debt?
To avoid all forms of debt.
To know when to become indebted without trouble.
To ensure you never take a loan.
To increase your spending habits.
3.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What was the issue faced by the friend who avoided debt?
They had too much debt to start a business.
They were unable to get a loan due to lack of credit history.
They had to pay high interest rates.
They were denied a mortgage due to excessive debt.
4.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is the ideal approach towards debt according to the text?
Avoid all debt at any cost.
Aim to only make good debt.
Accumulate as much debt as possible.
Ignore the concept of good and bad debt.
5.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is considered a good debt according to the text?
Debt that increases your net worth or generates income
Debt used to buy luxury furniture
Debt from maxing out credit cards
Debt for expensive restaurants
6.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
Which of the following is an example of bad debt?
Mortgage for a house
Education loan
Credit card debt for brand clothes
Business startup loan
7.
MULTIPLE CHOICE QUESTION
5 mins • 1 pt
What is a potential exception to the rule of distinguishing good and bad debt?
Debt to buy a new car
Debt to invest with the hope of making more money
Debt for a vacation
Debt for luxury items
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