WorksheetsCredit
Total questions: 32
Worksheet time: 13mins
Credit is paying for goods now but receiving them later.
True
False
Credit is also called "tomorrow's money."
True
False
It's ok to borrow more than you can comfortably afford.
True
False
Items end up costing more when you use credit.
True
False
Which of these is a type of revolving credit?
Mortgage Loan
Car Loan
Credit Card
Checking Account
A secured loan does not require collateral.
True
False
Which type of loan should you avoid?
Payday Loan
Pawn Shop Loan
Cash Advances
All of the above
Ways to maintain a good credit score include:
Paying your bills on time
Maintaining a high balance on your credit card
Applying for multiple cards at department stores
Only using credit cards with a rewards program
What is a sign of too much debt?
Living paycheck to paycheck
Making minimum payments on credit cards
Overdrafts on checking account
All of the above
What is credit (check all that apply)
Your reputation for financial responsibility
Time allowed for repayment
A source of revenue for banks
Unlimited
When is your credit score is important ?
When you apply for college
When you rent an apartment
When you invest in the stock market
When you adopt a pet
When you apply for certain jobs, they check your credit score.
True
False
You don't need good credit to get a new cell phone plan.
True
False
A way for a lender to learn more about you.
Credit Card
Credit Application
Credit Statement
Credit Union
A subsidized student loan is which of the following:
The government pays interest while you're in school at least part-time
The government forgives the loan if you graduate in 4 years
The government charges higher interest rates on subsidized loans
The government refunds payments for good grades
What is the biggest factor of your credit score?
The number of new credit applications
How much debt you have
Your payment history
Your checking account balancer
Which number would you want for your credit score?
770
650
100
1340
What does NOT build credit history?
Maintaining your checking account
Investing in the stock market
Opening a secured credit card
Paying your car loan on time
Types of credit (Choose all that apply)
Personal Loan
CD
Credit Card
Savings Bond
401K
A "rent-to-own" loan
Has low interest rates
is a great option to build credit
is the same as a mortgage loan
allows you to rent furniture and appliances for a period of time
When you use your credit card like an ATM card, this is called a(n)
Payday Loan
Finance Charge
Cash Advance
Collateral
Personal property that is used to secure a loan.
Cash Advance
Payday Loan
Pawnshop Loan
Collateral
A loan against your "anticipated" tax refund check.
Pawnshop Loan
Mortgage Loan
Tax Relief Loan
Refund Anticipation Loan
A short term loan against your next paycheck.
Payday Loan
Pawnshop Loan
Collateral Loan
Cash Advance
This loan is used for purchasing a house.
Rent-to-Own Loan
Mortgage Loan
Payday Loan
Auto Loan
I took my guitar to this place and they gave me a loan based on its value.
Payday Loan
Cash Advance
Refund Anticipation Loan
Pawnshop Loan
The amount you pay the lender each month according to the terms of the loan.
APR
Finance Charge
Payment
Principal
The amount banks charge for borrowing money.
Finance Charge
Term
Principal
Down Payment
The length of time you have to repay your loan.
APR
Principal
Term
Payment
The rate of credit on a yearly basis.
Principal
APR
Finance Charge
Collateral
The amount of money originally borrowed.
Principal
Payment
Down Payment
Finance Charge
The total dollar amount you pay to use credit.
Finance Charge
Cash Advance
APR
Principal
