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What is Credit?

Authored by Adam S.

History

10th Grade

Used 2+ times

What is Credit?
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38 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: Credit is receiving fund either directly or indirectly to buy goods and services today with the promise to pay for them in the ________.

future

present

bank

market

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: The amount that was originally borrowed is called the ________.

Principal

Interest

Dividend

Premium

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: The amount that the borrower must pay for the use of someone else’s funds is called ________.

Interest

Dividend

Principal

Equity

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of a secured loan?

Not backed with collateral

Backed up with collateral

Interest rate is usually higher

Guaranteed only by a promise to repay it

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of an unsecured loan?

House loan

Car loan

Credit card

Mortgage

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of credit allows you to be approved up to a certain credit limit and use at any time?

Installment

Revolving

Secured

Unsecured

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of credit involves borrowing a set amount and making equal payments?

Installment

Revolving

Secured

Unsecured

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