
Understanding Credit Basics Quiz
Authored by Jennifer Newcom
Business
10th Grade
Used 15+ times

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25 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of revolving credit?
Mortgage loan
Credit card
Car loan
Student loan
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a credit score primarily measure?
Your annual income
Your ability to repay borrowed money
Your total assets
Your age
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of credit has a fixed number of payments over a set period?
Revolving credit
Installment credit
Open credit
Variable credit
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between fixed-rate and variable-rate credit?
The amount borrowed
The interest rate changes or stays the same
The length of the loan
The type of lender
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a factor in calculating a credit score?
Payment history
Amounts owed
Favorite color
Length of credit history
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does amortization refer to in the context of loans?
Increasing your loan balance
Paying off a loan over time with regular payments
Skipping payments
Borrowing more money
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When selecting a credit card, which feature should you consider first?
Card color
Interest rate (APR)
The bank’s logo
The card’s weight
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