
Understanding Credit and APR

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

Lucas Foster
Used 3+ times
FREE Resource
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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.
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