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Unit 2 - Financial Literacy

Authored by Ben Scoggins

Social Studies

12th Grade

Used 7+ times

Unit 2 - Financial Literacy
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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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