
Understanding Credit and APR

Interactive Video
•
Business, Life Skills
•
9th - 12th Grade
•
Hard

Lucas Foster
Used 1+ times
FREE Resource
Read more
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one of the main benefits of using a credit card?
It allows you to earn interest on your purchases.
It automatically increases your credit score.
It eliminates the need to carry cash.
It guarantees a lower interest rate on loans.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it risky to use credit for non-investment purchases?
It always results in a higher credit score.
It can lead to unsustainable spending habits.
It guarantees a lower interest rate.
It eliminates the need for a budget.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does APR stand for?
Annual Payment Rate
Annual Percentage Rate
Annual Profit Rate
Annual Principal Rate
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is APR typically calculated for credit cards?
By multiplying the monthly interest by 12.
By adding the interest and fees, then multiplying by 365.
By subtracting the fees from the interest.
By dividing the annual interest by 12.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a common range for credit card APRs?
5% to 10%
10% to 15%
15% to 30%
30% to 50%
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why are mortgage APRs generally lower than credit card APRs?
Mortgages have no associated fees.
Mortgages are always paid off faster.
Mortgages do not involve any interest.
Mortgages are considered a safer bet by lenders.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the concept of leverage in the context of credit?
Using credit to guarantee investment success.
Using credit to avoid paying taxes.
Using borrowed money to increase potential returns.
Using credit to decrease your debt.
Create a free account and access millions of resources
Similar Resources on Wayground
8 questions
Why ECB's Recent Decisions Are a Big Deal for Markets

Interactive video
•
University
8 questions
Holding Your Nose & Buying

Interactive video
•
University
8 questions
Fed Starts Rate Hike Cycle says Bertoni

Interactive video
•
University
11 questions
Understanding Credit Card Payment Delays

Interactive video
•
9th - 10th Grade
9 questions
Understanding Credit Card Payments

Interactive video
•
9th - 10th Grade
11 questions
Understanding Credit Scores and Cards

Interactive video
•
9th - 10th Grade
11 questions
Understanding the Rule of 78

Interactive video
•
9th - 10th Grade
16 questions
Understanding Credit Card Management

Interactive video
•
9th - 10th Grade
Popular Resources on Wayground
10 questions
Lab Safety Procedures and Guidelines

Interactive video
•
6th - 10th Grade
10 questions
Nouns, nouns, nouns

Quiz
•
3rd Grade
10 questions
Appointment Passes Review

Quiz
•
6th - 8th Grade
25 questions
Multiplication Facts

Quiz
•
5th Grade
11 questions
All about me

Quiz
•
Professional Development
22 questions
Adding Integers

Quiz
•
6th Grade
15 questions
Subtracting Integers

Quiz
•
7th Grade
20 questions
Grammar Review

Quiz
•
6th - 9th Grade