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WorksheetsCredit Unit
Total questions: 24
Worksheet time: 12mins
What is credit?
Free money
Borrowed money
Standard of living
A term that causes tears
Sources of credit include all of the following except:
Credit Card
Student Loan
Car Loan
Savings Account
The actual dollar cost of using credit
Annual Fee
Finance Charge
APR
Interest
How long the loan lasts
One Year
APR
Loan Term
Interest Rate
Car Lease includes
Higher payments
Unlimited mileage
Limited mileage
All of the above
Financial aid that does NOT need to be repaid
Unsubsidized Student Loan
Subsidized Student Loan
Real Student Loan
Grant
Borrowed money for undergraduate and graduate studies that must be repaid with interest
Student Loan
Grant
Option
Note
The Department of Education pays the interest while student is in school and during grace and deferment periods
Subsidized Loan
Unsubsidized Loan
Car Loan
Mortgage
FAFSA
Federal Aid for Former Student Application
Free Application for Federal Student Aid
Former Aid for Federal Students Available
Form Available for Federal Student Aid
What is the maximum amount of you take home pay that should go to credit payments (excludes housing)?
20%
33%
50%
25%
Rate of interest on a loan that is tied to a stated index and changes annually every July 1 as the index changes.
Long term interest
Fixed interest
Short term interest
Variable interest
Principal x Rate x Time (PRT or PIT)
The formula to calculate a car payment.
The formula to calculate interest.
The formula to calculate mortgage payment.
The formula to calculate taxes.
Maximum amount of your take home pay that should go to your home payment or rent.
50%
20%
33%
25%
The borrower is responsible for interest during the entire life of the loan
Unsubsidized loan
Subsidized loan
Short term loan
Long term loan
