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WorksheetsCh 4 Debt REVIEW
Total questions: 18
Worksheet time: 36mins
The cost of borrowing money on an annual basis.
Loan term
Credit Score
Annual Percentage Rate
Annual fee
A decrease or loss in value.
Appreciation
Depreciation
Deficit
Decline
A detailed report of an individual's credit history.
Credit report
Credit score
Loan term
Credit Karma
Time frame that a loan agreement is in force and at the end of which the loan should be repaid.
Annual fee
Loan term
Annual Percentage Rate
Cycle of debt
Type of card issued by a bank that allows users to finance a purchase.
Debit card
Credit card
Platinum card
Bank card
A measure of an individual's credit risk. Calculated from a credit report using a standardized formula.
Credit report
Credit karma
Credit score
EZ Credit
A yearly fee that is charged by the credit card company for the convenience of the credit card.
Annual fee
Annual Percentage Rate
Cash back
Rewards
Preferred method of debt repayment. A list of all debts from smallest to largest balance, attacking the smallest with the largest possible payment.
Debt consolidation
Debt snowball
Debt negotiation
Debt repayment plan
You must establish credit in order to buy a house.
True
False
If you are a victim of identity theft, you are only responsible to paying back half of the debt.
True
False
Which of the following is NOT a factor in determining a FICO score.
Paying cash for all purchases
Getting a personal loan from a bank
Using credit cards
Taking out a mortgage on a house
Which of the following is NOT a good idea for getting out of debt?
Quit borrowing money
Get a part-time job or work overtime
Borrow money from your parents to pay off debt
Sell something
Which of the following things cannot be done with a debit card but can be done with a credit card?
Rent a car
Purchase something online
Go into debt
Purchase an airline ticket
If you are using the debt snowball method and have a $35 minimum payment on your Visa bill, what would your new payment be if you found an extra $150 to put towards it?
$35
$150
$185
$5,250
In what order do you pay your debts using the debt snowball method?
Smallest to largest interest rate
Smallest to largest balance
Smallest to largest minimum payment
Alphabetical order
If you are using a rent-to-own store and the Playstation you are renting is $45.99 per week for 48 weeks, what is the total cost to eventually own the item?
$93.99
$2,069.55
$2,207.52
$2,204.55
If you rented a couch for $5,650 and could have bought it at Levin's for $2,325, how much did you overpay?
$1,530
$2,325
$3,325
$3,515
If you overpaid $925 for a TV at Aaron's Rent-To-Own and could have paid $985 cash at Walmart, what interest rate was Aaron's charging you to rent the TV?
88%
94%
103%
106%
