WorksheetsCredit Review
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
Credit is the ability to _________ and ____________ later.
a)
Buy now; pay
b)
Save now; spend
c)
defer later; pay now
d)
see; smell
2.
Which of the following is not a typical type of credit
a)
Credit Card
b)
Mortgage
c)
Credit Default Swap
d)
Student Loan
3.
People use credit cards because it is easier than___________________.
a)
bartering
b)
carrying cash
c)
trading
d)
Coins
4.
Having a credit card is good for building and establishing your ____________.
a)
Debt
b)
Personal Savings
c)
Student Debt
d)
Credit History
5.
Payday lenders allow you to borrow money against your next pay check. This is a bad idea because_____________
a)
Its a good idea, give me the $$$
b)
you will quickly spiral into debt
c)
You can get a higher interest rate from a loan shark
d)
Banks suggest using different pay day lenders.
6.
Consumer finance companies can help people with bad credit. The trade off is ___________.
a)
More services and access
b)
lower fees
c)
higher interest rates
d)
more ATMs
7.
To ________ on a loan is to fail to repay the loan.
a)
default
b)
bounce
c)
defer
d)
exchange
8.
____________ is when a bank or mortgage lender seizes a house and sells it because the homeowner cannot pay the mortgage loan.
a)
Repossession
b)
Foreclosure
c)
Default
d)
Bankruptcy
9.
_____________ is when a bank or other lender takes property purchased by a borrower who cannot repay his or her loan for that property.
a)
Repossession
b)
Foreclosure
c)
Default
d)
Bankruptcy
10.
___________ is a legal proceeding involving a person or business that is unable to repay outstanding debts.
a)
Repossession
b)
Foreclosure
c)
Default
d)
Bankruptcy
100 %
