Using Credit - Review

Using Credit - Review

Assessment

Flashcard

Social Studies

11th Grade

Hard

Created by

Wayground Content

FREE Resource

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22 questions

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1.

FLASHCARD QUESTION

Front

Which one is considered a danger of using a credit card: no cash needed, leads to overspending, convenient, earns rewards?

Back

leads to overspending

2.

FLASHCARD QUESTION

Front

Example of a secured loan

Back

auto loan

3.

FLASHCARD QUESTION

Front

What is APR?

Back

Annual Percentage Rate

4.

FLASHCARD QUESTION

Front

Out of the following, which is NOT one of the 5 C’s of credit? character, capacity, collateral

Back

convenience

5.

FLASHCARD QUESTION

Front

Chapter 7 bankruptcy vs. Chapter 13 bankruptcy

Back

Chapter 7 liquidates assets to pay debts, while Chapter 13 sets up a repayment plan.

6.

FLASHCARD QUESTION

Front

A legally binding contract between two or more parties requires:

Back

Offer, acceptance, and consideration

7.

FLASHCARD QUESTION

Front

what is collateral?

Back

Property or assets pledged to secure a loan

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