Unit 2 - Financial Literacy
Quiz
•
Social Studies
•
12th Grade
•
Practice Problem
•
Medium
Ben Scoggins
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30 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the reports do banks and lenders use to determine if a borrower will receive a loan?
Credit fraud
Credit report
Credit redistribution
Credit relocation
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following represents your ability to pay back loans properly?
Credit worthiness
Credit fraud
Credit debt
Credit redistribution
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is NOT one of the 3 C’s of credit?
Character
Collateral
Capacity
Capital
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which term matches this description:
-Payment History
-Debt to income ratio
-Recent credit application
-Amount of available credit
Paperwork needed for a FAFSA
Major life choices
Basic components of a credit score
Types of investment strategies
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which term matches this description:
- A loan that offers a borrower a fix amount of money over a specific period of time
- Borrowers know upfront the number of monthly payments
- Mortgages, car loans, student loans
Open credit
Installment credit
Revolving credit
Closed credit
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which term matches this description:
- Line of credit that remains available over time, even if you pay the full balance
- This type of credit can have a big impact on your credit score
- Credit Cards
Open credit
Revolving credit
Installment credit
Closed credit
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which term matches this description:
• Loss of income
• Medical expenses
• Unaffordable home mortgage
• Spending beyond your means
Cause of bankruptcy
Reasons to use open credit
Revolving credit
Basic components of a credit score
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