WorksheetsChapter 4 and 5 Personal Finance
Total questions: 26
Worksheet time: 13mins
Cards used to pay for things through debt.
Credit Cards
Mortgage
Debit Cards
Auto Loans
An appreciating asset _______ in value over time
Decreases
Increases
Stays the same
Which source of credit does not have collateral?
Mortgage
Auto Loan
Credit Cards
An example of revolving credit is
Credit Cards
Auto Loan
Mortgage
Student Loan
What sources of credit is the worse that you should avoid at all cost?
Student Loans
Predatory Lenders
Mortgage
What does a lien apply to?
Auto Loan
Student Loan
Mortgage
Predatory Lenders
Which of these is an actual credit score?
100
200
550
1500
Which of these is an actual, bad credit score?
0
150
280
400
You can be financially well off without a credit score.
True
False
Which of these is revolving credit?
Something that is owned that is offered as security.
A loan for a fixed amount of time that is repaid in monthly installments.
Credit that automatically renews whenever a payment is made to reduce the debt.
Additional cost s lender charges for borrowing money.
You are not allowed any free credit reports each year.
True
False
Which of these is installment credit?
Credit that automatically renews whenever a payment is made to reduce the debt.
An asset that loses value over time.
Additional cost a lender charges for borrowing money.
A loan for a fixed amount of time that is repaid in monthly installments.
Predatory lenders are lenders with _________ interest rates.
Extremely high, unfair
Normal
Average
Low
A mortgage is a loan for
Car
Cost of College
Medical Bills
House
An unsecured loan
Does have collateral
Does not have collateral
Does not have interest
Is an appreciating asset
Which of the following all have collateral
Credit Cards, Student Loans, Mortgage
Mortgage, Credit Cards, Auto Loan
Secured Loan, Mortgage, Auto Loan
Auto Loan, Student Loans, Secured Loan
Which of these is a good credit score?
450
500
775
900
The components that make up a credit score all involve what?
Amount of Money in Savings Account
Investments
Debt
Insurance
Which of these involves an appreciating asset?
Credit Cards
Student Loans
Mortgage
Auto Loans
It has always been normal for people to go into debt in the history of our country.
True
False
Which of these is collateral?
Asset that increases in value over time.
Something owned that is offered as security. If debt is not repaid, the item is forfeited to the lender.
Additional cost a lender charges for borrowing money.
An asset that loses value over time.
Which of the following sources of credit have interest?
Student Loans
Mortgages
Credit Cards
All of them
Dave Ramsey says that you should not get a credit score.
True
False
What is debt?
Money you have in your bank account.
Money owed to another person or company.
Additional cost a lender charges for borrowing money.
Cash in your pocket.
What is a company that collects credit rating information and makes it available to creditors?
Credit Cards
Credit Scores
Credit Bureaus
Banks
Banks and lenders use credit scores to determine
How successful someone is.
The likelihood someone is able to repay debt
How much money someone has.
They don’t use credit scores
