NEW
Font size
WorksheetsPersonal Finance - Credit and Debt
Total questions: 15
Worksheet time: 8mins
On average, over 70% of college students graduate with student loan debt.
true
false
On average, how much of a person's take-home pay is sent back out for debt payments?
8%
12%
25%
40%
Car loans are just a way of life. You will always have a car payment.
true
false
When you buy things with cash, you will always pay more for the things you buy.
true
false
The FICO score measures all of the following except:
debt history
savings account balance
types of debt
new debt
A fee that a bank, credit card, or other lender charges for the opportunity to purchase something and pay for it over time is called:
interest
dividend
credit
finance rate
Staying away from car payments by driving reliable used cars is what the typical millionaire does.
true
false
Which of the following is not one of the ways that the federal Fair Credit Reporting Act of 1970 protects consumers?
the accuracy of the credit report
the privacy of the consumer
the financial goals of the consumer
the fairness of credit reporting
Which of the following describes the best way to buy a car?
ask your parents to borrow money for the purchase
save up and pay cash for a used car in your price range
save up a nice down payment and finance the remaining cost of the car
allow your grandparents to cosign your loan for a new car
The federal Fair Debt Collection Practices Act of 1977 dictates how:
much debt a person is allowed to carry
much interest a lender can charge
debt collectors can interact with individuals
much of a debt a per must repay
Financial aid that does not need to be repaid; general based on financial need
interest
principal
grants
loans
An assigned number to signal to lenders a person's ability to repay a loan
credit score
credit report
credit ranking
credit card
Of the following, what is the first recommended step for getting out of debt?
use the debt snowball method
get a part-time job or work extra temporarily
sell something
you must save money
quit borrowing more money
The total cost of using credit, including interest and fees
grace period
loan term
finance charge
credit report
Which would not be considered an opportunity cost?
not being able to go to a movie
not being able to go to school
not being able to go out to eat
not being able to buy new shoes
