FIN533 CONSUMER CREDIT_GROUP 5

FIN533 CONSUMER CREDIT_GROUP 5

9th - 12th Grade

20 Qs

quiz-placeholder

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FIN533 CONSUMER CREDIT_GROUP 5

FIN533 CONSUMER CREDIT_GROUP 5

Assessment

Quiz

Business

9th - 12th Grade

Practice Problem

Medium

Created by

MUHAMMAD MAZLAN

Used 3+ times

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20 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What does APR (Annual Percentage Rate) represent?

A. Your monthly income

B. The yearly cost of borrowing, including interest and fees

C. The maximum loan amount

D. The number of payments you must make

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What is a credit limit?

A. The maximum amount a bank is willing to lend you

B. The number of loans you can apply for in a year

C. The maximum number of monthly payments

D. The limit of your income

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What is an installment loan?

A. A loan you repay in one payment

B. A loan repaid in equal monthly payments over time

C. A loan that never needs repayment

D. A loan only for businesses

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Which of the following best describes the purpose of emergency savings?

A. To invest in high-risk assets for faster growth

B. To cover unexpected expenses without relying on debt

C. To build long-term retirement wealth

D. To pay off existing credit card balances

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

Which of the following is a disadvantage of using credit cards irresponsibly?

A. Building a strong credit history

B. Earning rewards points or cashback

C. Accumulating high-interest debt

D. Having access to short-term credit

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What is the main benefit of diversification in an investment portfolio?

A. It guarantees higher returns

B. It eliminates all investment risks

C. It spreads risk across different assets

D. It reduces the need for financial planning

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

What is consumer credit mainly used for?

a) Business investments

b) Buying goods and services for personal use

c) Government spending

d) Corporate loans

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