WorksheetsConsumer Credit
Total questions: 20
Worksheet time: 2hrs 40mins
When you purchase something and you do not pay for it immediately, you are using ...
debit
asset
credit
FICO score
A person (or an organization) that extends the credit is called a ...
debtor
credit extender
creditor
mom
Everything you own. Included in your financial history when applying for credit.
assets
property
earnings
debts
Your ability to earn money now and in the future. Included in your financial history when applying for credit.
credit rating
earning power
assets
future investment
Your credit "report card". Included in your financial history when applying for credit.
assets
earning power
credit rating
progress report
The most common credit score, FICO score, ranges from ...
0 to 100
200 to 700
300 to 850
1 to 1000
If my FICO score is 600, and I am taking out a loan, would the interest my creditor charges me be high or low?
High interest
Low interest
The bank uses a ... to find out how prospective borrowers repaid their past debts.
customer profile
loan agreement
credit agency
budget
The other name for credit reporting agency is ...
customer agency
credit bureau
FICO
loan agreement
An initial payment made when something is bought on credit is called a ...
Installment plan
Credit purchase
Monthly payment
Down payment
Three kinds of data that the computer at the reporting agency has are ...
a person's background
a person's history of borrowing and repayment
a person's employment record (earning power)
a person's family background
Three things that a consumer who applies for an installment sales credit usually has to do are...
make a down payment
sign a contract to repay the balance, interest and service charges
buy a merchandise
pay in specified period of time
Ms. Shemelina is paying for her new car in monthly ...
installments
budgets
deposits
down payments
Tiffany has decided to purchase an $11,000 car. She plans on putting 30% down toward the purchase, and financing the rest. Find her down payment.
$3,300.00
$3,000.00
$330.00
$300.00
Interest can be defined as ...
a charge for lending money
the amount owed for borrowing money
the amount added into your savings account when opening a bank account
a charge for convenience of accessing money in your bank
An interest rate of 25.99% in decimal form is ...
0.02599
0.2599
2.599
25.99
True or False?
The longer the loan term, the less total interest you pay.
True
False
A sum paid or charged for the use of money is called ...
an interest
time
the sales tax
a principal
This is added to the selling price and pays the government.
time
rate
salex tax
interest
When getting a car loan you will want to get the highest or the lowest interest rate?
lowest
highest
