wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Credit

Total questions: 74

Worksheet time: 1hrs 14mins

Name
Class
Date
1.
The cost of borrowing money is referred to as 
a)
Interest 
b)
Annual Percentage Rate 
c)
Credit 
d)
Credit Line 
2.
The amount charged if your payment is received after the billing due date.
a)
late payment fee
b)
overdue fee
c)
withdrawal fee
d)
loser fee
3.
The maximum amount you are allowed to carry as a balance on the card
a)
interest
b)
ARP
c)
credit limit
d)
all of these
4.
This is a fee that some, but not all, credit card issuers charge to use their credit card.
a)
APR
b)
annual fee
c)
monthly fee
d)
non-sufficient funds fee
5.
The amount you must pay on a credit card, based on a percentage of the outstanding balance.
a)
minimum fee
b)
minimum payment
c)
monthly statement
d)
minimum monthly interest charge
6.
Benefits of credit cards include:
a)
safe and convenient, bonuses are offered
b)
allows you to build a positive credit report
c)
needed for reservations and online shopping
d)
all of these
7.
Which one is considered a danger of using a credit card
a)
no cash needed
b)
leads to overspending
c)
convenient
d)
earns rewards
8.
A plastic card that you use to access a line of pre-established credit is called:
a)
debit card
b)
credit card
c)
visa
d)
mastercard
9.
Your credit score is not configured off of which of the following:
a)
Payment history
b)
Amount owed
c)
Where you live
d)
Length of credit history
10.
To build a good credit history, you should
a)
open as much credit as possible quickly
b)
use the maximum credit allowed on all your credit cards
c)
pay on time and as much of your balance as possible
d)
all of these
11.
Over time, people who pay off their credit card balance in full every month will pay less in interest on their credit card.
a)
true
b)
false
12.
What does APR stand for?
a)
American Peoples Reports
b)
Annual Progress Report
c)
American Percentage Rate
d)
Annual Percentage Rate
13.
What is credit?
a)
Free money
b)
Borrowed money
c)
Standard of living
d)
A term that causes tears
14.
How is credit used?
a)
 Employers may check job applicants' credit.
b)
Before renting an apartment, the landlord will check the prospective tenant's credit.
c)
If you apply for a cell phone or credit card, your credit will be checked. 
d)
All of these are correct, these are only some of the ways credit can be used. 
15.
What is a credit score?
a)
A credit score is a three-digit numerical rating that reflects how likely you are to fail at paying your debts
b)
A five-digit numerical rating that reflects how likely you are to repay your debt. 
c)
A three-digit numerical rating that reflects how likely you are to repay your debt. 
d)
A credit score is a five-digit numerical rating that reflects how likely you are to fail at paying your debts
16.
What financial habits determine your credit score?
a)
Payment History & Amount you owe 
b)
Length of credit history & Amount of new credit applied for recently
c)
Types of credit open
d)
All of these are correct
17.
What are the three major Credit Reporting Agencies (CRAs)?  
a)
Equifax
b)
TransUnion
c)
Experian
d)
All of these are correct
18.
The least amount that must be paid on a credit card each month is
a)
Late Fee
b)
Credit Limit
c)
Payment amount
d)
Minimum Payment
19.
How can a cardholder avoid paying interest on a credit card?
a)
Do not pay anything
b)
Pay the minimum payment after its due date
c)
Pay the minimum balance every month
d)
 Pay the balance in full every month
20.
The credit company can charge interest if the credit card bill is not paid in full by the due date
a)
True
b)
False
21.
It is best to pay more than the minimum due on your credit card.
a)
True
b)
False
22.
It would be best to have a high credit score
a)
True
b)
False
23.
A credit report is a report showing a borrower's history of how well they paid their bills.
a)
True
b)
False
24.
Only making the minimum payment on a credit card every month will:
a)
lower the amount total paid for the purchase
b)
make you independently wealthy
c)
take longer to pay off which will result in paying more interest, more money!
d)
pay off the credit card faster
25.
You have a choice between two credit cards: American Express 8.99% or Chase Sapphire 12.99%. Which card offers the better rate?
a)
American Express
b)
Chase Sapphire
c)
Neither
d)
All of the above
26.
You charge $500 on each of your two credit cards. One is American Express with an interest rate of 15.99%. The other is Chase Sapphire with an interest rate of 20.99%. Assuming that you are only making the minimum payment of $25 to each of the credit card companies, which card will you pay off first
a)
Chase Sapphire
b)
American Express
c)
Interest rate does not affect your minimum payments
d)
All of the above
27.

An example of a financial institution is:

a)

A department store

b)

A bank

c)

A school

d)

An ATM machine

28.

Lenders use credit agencies to determine:

a)

An applicant's credit score

b)

An applicant's credit history

c)

Whether an applicant has any outstanding debt or defaults

d)

All of the above

29.

Which is a disadvantage of a credit card?

a)

Credit cards are buy-now, pay later

b)

Credit cards provide preapproved credit

c)

Credit cards charge interest

d)

Credit cards are the best way to pay for something online, because you can dispute a the charge

30.

A bank is a not-for-profit financial institution.

a)

True

b)

False

31.

A credit card provides preapproved credit.

a)

True

b)

False

32.

The lower an applicant's credit score, the lower the risk to the lender.

a)

True

b)

False

33.

Identity theft is a threat to anyone with a good credit rating.

a)

True

b)

False

34.
My credit history does not affect my chances for renting my first apartment.
a)
True
b)
False
35.
To build a positive credit history, I should pay cash for all purchases.
a)
True
b)
False
36.
Routinely paying my bills late could negatively affect my credit history.
a)
True
b)
False
37.
When I apply to borrow money for a car, the loan company will most likely look at my credit history.
a)
True
b)
False
38.
I need to first pay bills, such as a loan or a phone bill to establish credit history.
a)
True
b)
False
39.
Having a small amount of debt is good for my credit history.
a)
True
b)
False
40.
The more credit cards I have, the higher my credit score will be.
a)
True
b)
False
41.
My landlord can report my failure to pay rent to a credit reporting agency.
a)
True
b)
False
42.
If my credit card allows me to charge up to $1,000, I should charge the maximum amount to build my credit history.
a)
True
b)
False
43.
Paying the entire amount on my credit card creates a bad credit history.
a)
True
b)
False
44.
I should review my credit report for errors.
a)
True
b)
False
45.
A credit report contains my personal information such as my address and social security.
a)
True
b)
False
46.
Late payments are retained on credit reports for 7 years.
a)
True
b)
False
47.
A bad credit report cannot affect my chances of getting a job.
a)
True
b)
False
48.
What is your job as a borrower?
a)
To pay back your loans promptly
b)
To borrow as much as humanly possible
c)
Spend your loans and not pay them back
49.
What is credit?
a)
When one party provides money/resources to another party with the intention money gets paid back
b)
What you get when you finish a test and Mr. Beltz puts it in the gradebook
50.
Which of the following is an ADVANTAGE of credit?
a)
No need for carrying cash
b)
Annual Fees
c)
Interest Rates
51.
What type of credit is a credit card?
a)
Single-Payment
b)
Installment Credit
c)
Revolving Credit
52.

When you buy things with cash, you will always pay more for the things you buy.

a)

True

b)

False

53.

The FICO score measures all of the following except:

a)

Debt History

b)

Savings Account Balanace

c)

Types of Debt

d)

New Debt

54.

On average, over 70% of college students graduate with student loan debt.

a)

True

b)

False

55.

Amount owed on a credit card or loan

a)

Balance

b)

Credit

c)

Interest

d)

Capacity

56.

An arrangement to receive cash, goods, or services now and pay for them in the future.

a)

Credit

b)

Credit history

c)

Credit report

d)

Creditor

57.

company that collects information about your credit history and sells it to lenders

a)

Credit

b)

Creditor

c)

Credit Bureau

d)

Credit cards

58.

To pay for goods /services and at end of month they pay bill

a)

Credit cards

b)

Credit history

c)

Credit report

d)

Delinquent

59.

a record of your past borrowing and repayments

a)

Credit history

b)

Credit Bureau

c)

Credit report

d)

Credit score

60.

person or institution to whom money is owed

a)

Creditor

b)

Credit

c)

Balance

d)

Principal

61.

a detailed report of an individual's credit history

a)

Credit Report

b)

Credit Score

c)

Creditor

d)

Credit history

62.

Failure to make minimum payment on time

a)

Delinquent

b)

Debt

c)

Credit

d)

Repossession

63.

The amount of money borrowed

a)

Principal

b)

Principle

c)

Creditor

d)

Credit

64.

The act of taking an asset used as collateral and selling it to pay the debt

a)

Repossession

b)

Delinquent

c)

Character

d)

Capacity

65.

Amortization is the paying off of debt with a ____________________ repayment schedule in regular installments over a period of time for example with a mortgage or a car loan.

a)

fixed

b)

variable

c)

differentiated

d)

fluctuating

66.

A portion of each payment is for interest while the remaining amount is applied towards the __________________________ balance.

a)

principal

b)

interest

c)

interest rate

d)

loan term

67.

Initially, a large portion of each payment is devoted to __________________________.

a)

interest

b)

the principal balance

c)

loan term

d)

interest rate

68.

As the loan matures, larger portions go towards paying down the ___________________________.

a)

principal balance

b)

interest

c)

interest rate

d)

loan term

69.

If you have an amortized loan, your monthly payment will be______________________________.

a)

always the same

b)

always different

c)

sometimes the same

d)

never the same

70.

Determine the down payment amount.

Cost of house: $148,700

Down Payment: 5% of the cost of the house

a)

$7000

b)

$7,435

c)

$743.50

d)

$29,740

71.

Determine the down payment amount.

Cost of house: $153,250

Down Payment: 10% of the cost of the house

a)

$15,325

b)

$15,150

c)

$16,250

d)

$16,325

72.
What information do you need to know in order to find the amount of principal in any arbitrary payment?
a)
principal and interest
b)
interest and payment amount
c)
principal and balance
d)
interest and balance
73.
Find the Principal amount:  The fixed payment is $250.50, the interest payment is $6.75.
a)
$243.75
b)
$257.25
c)
$250.50
d)
$6.75
74.

Find the interest amount: The fixed payment is $375.90, the principal amount is $260.19.

a)

$636.09

b)

$375.90

c)

$260.19

d)

$115.71

Similar Resources on Wayground

Welding Exam 2026 pt 1

78 questions

Welding Exam 2026 pt 1

quiz

Worksheet

•

9th - 12th Grade

Elements and Principles of Design and Color Test Review

79 questions

Elements and Principles of Design and Color Test Review

quiz

Worksheet

•

9th - 12th Grade

PRACTICAL RESEARCH 1 DIAGNOSTIC EXAMINATION

70 questions

PRACTICAL RESEARCH 1 DIAGNOSTIC EXAMINATION

quiz

Worksheet

•

11th Grade

Financial Literacy Everfi 2025

76 questions

Financial Literacy Everfi 2025

quiz

Worksheet

•

9th - 12th Grade

Food For Life Final Exam Fall 25

75 questions

Food For Life Final Exam Fall 25

quiz

Worksheet

•

9th - 12th Grade

Anatomy & Physiology BOY Quiz

70 questions

Anatomy & Physiology BOY Quiz

quiz

Worksheet

•

9th - 12th Grade

Nervous System: Nerve Structure and Function Practice Test

77 questions

Nervous System: Nerve Structure and Function Practice Test

quiz

Worksheet

•

9th - 12th Grade

Driver's Ed

70 questions

Driver's Ed

quiz

Worksheet

•

10th - 11th Grade