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Worksheets6th Period Practice Test
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
Which is not one of the ways that thieves steal private information?
a)
Dumpster diving
b)
Phishing
c)
Skimming
d)
Tweeting
2.
A loan is formalized by a legal document is called a ...
a)
asset
b)
simple interest loan
c)
promissory note
d)
lien
3.
If you buy a house that costs $15,234 and the bank requires a down payment of 34%, what is the down payment?
a)
$534.76
b)
$635.24
c)
$10,054.44
d)
$5,179.56
4.
I have a credit card with an APR of 20.4%, the sum of the daily balances is $18,567.52. This month's billing cycle is 30 days. Using the average daily balance method, calculate this month's finance charge.
a)
$10.52
b)
$15.17
c)
$12.06
d)
$11.53
5.
You borrow $32,000 using an installment loan and make monthly payments of $532.47. The APR is 6.82%. On your first payment, how much interest will you pay and how much principal will you pay?
a)
int $287.81
prin $306.20
prin $306.20
b)
int $181.87
prin $350.60
prin $350.60
c)
int $777.33
prin $224.97
prin $224.97
d)
int $97.81
prin $181.22
prin $181.22
6.
You have a credit card which has a current balance of $3,456 and credit limit of $5,000, what is your debt to credit ratio?
Ratio = (Balance/limit)x100
Ratio = (Balance/limit)x100
a)
69.12%
b)
0.6912%
c)
1.44%
d)
30.88%
7.
Which is not a benefit from having a good credit score?
a)
lower APR's
b)
better insurance premiums
c)
lower minimum payments
d)
little/no deposit on utilities
8.
Your credit card has an APR of 25.16%, what's your monthly periodic rate? Write as decimal and round to four places.
a)
2.0967
b)
0.0210
c)
0.0209
d)
2.10
9.
While making payments on a installment loan over time, what happens to the amount of interest and principal paid each month?
a)
Interest up
Principal down
Principal down
b)
Interest up
Principal up
Principal up
c)
Interest down
Principal down
Principal down
d)
Interest down
Principal up
Principal up
10.
What is it called when the bank takes your car for neglecting to pay the loan?
a)
Charge-off
b)
Tax Lien
c)
Forclosure
d)
Reposession
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