WorksheetsCredit Cards. School Loans. Auto Loans
Total questions: 45
Worksheet time: 22mins
Having a grace period means _________________________.
you need to pay right now
having time to pay back the money you owe
how much your late fee is
how much the credit limit is
Your creditworthiness is based on ____________________, _____________________, _________________________.
how much in loans you already have
how much income you have
what your payment history is like
All answers are correct
An annual fee is ___________________________.
how much you pay in interest
the price you have to pay for a card every year
the penalty you pay for being late
always $50
The introductory rate is _____________________________.
the low interest rate you will pay for a short time
how much you pay every year just for having the card
how much your credit limit is
the time you have before you have to pay back the money
The benefits of having a credit card might be ___________________, _______________________, and ______________________.
cash back
discounts at stores
having an option for money if you don't have it saved
All of the answers are correct
A late fee is _______________________.
how much you pay every year for having the card
the penalty you pay for making the payment after the deadline
your credit limit
always $50
The best way to spend on a credit card (if you can) is _________________________________________.
to spend very little on it and always pay off in full
max out your credit limit
make the minimum payments
be late on the payments
The worst way to work with a credit card is to ___________________________.
use less than 50% of the credit limit
pay more than the minimum payment (if you can)
pay off the balance in full (if you can)
max out the credit limit and pay only the minimum payment
All of the following are costs of going to college EXCEPT...
Tuition and fees
Room and board
Textbooks and school supplies
Scholarships and grants
Why should you file the FAFSA as early as possible?
It can help your chances of being accepted into schools
Aid is given out on a first-come, first-serve basis
You're guaranteed to get more merit-based scholarships
You'll get a lower interest rate on federal student loans
When filing the FAFSA, you are eligible for all of the following EXCEPT:
Grants and Scholarships
Private Student Loans
Work-Study
Federal Student Loans
Which is TRUE about the FAFSA?
You only need to file the FAFSA 1x in your college career
Your parents must earn below a set amount for you to apply
You need to file it at the start of every quarter/semester
There is no cost to file the FAFSA
What can happen if you don't make payments towards your student loans?
You may lose your car or home
Your loan balance may become due in full, but no interest
You may lose your car or home
Your credit score may suffer
For the majority of students, this is the best loan option.
federal loan
private loan
This loan is not recommended unless you have exhausted all other options.
private loan
federal loan
Which type of loan should a student pursue first?
federal loan
private loan
What is one thing a student should do before pursuing a private loan?
look for additional scholarships
drop out of school
look at private colleges
What is one thing a student should do before pursuing a private loan?
get a part-time job to help cover costs
decide not to go to college
go out of state for college
________ loans should be a last resort.
Private
Federal
Direct
Direct PLUS
A formal and extensive record of how good an individual is at maintaining their credit and paying their current and past debts in a timely manner.
Credit score
Loan terms
Lender
Credit history
The larger your down payment amount, the (larger/smaller) the loan amount, and (larger/smaller) your monthly car payments.
Larger/larger
Larger/smaller
Smaller/larger
Smaller/smaller
The shorter your term length, the (higher/lower) your monthly payments, and the (higher/lower) the total interest you will pay.
Higher/higher
Higher/lower
Lower/lower
Lower/higher
What is the main difference between an auto lease and an auto loan?
On both auto loan and auto lease the borrower is purchasing a car
On both auto loan and auto lease the borrower will have to return the car
On an auto loan the borrower is purchasing the vehicle while on a lease the borrower returns the car at the end of the terms
On an auto loan the borrower will have to return it while on a lease the borrower is purchasing the vehicle
What are the 5 basic types of loans?
Automobile
Payday
Mortgage
Federal/Student
Small Business
What does principle stand for?
% the lender charges you for borrowing the money.
the amount of money being borrowed.
time given to pay back the loan.
Assets you put up against the loan as a safeguard for the lender against defaulted payments.
Interest Rate?
% the lender charges you for borrowing the money.
the amount of money being borrowed.
time given to pay back the loan.
Assets you put up against the loan as a safeguard for the lender against defaulted payments.
What is a Co-Signer?
if you default on your payments your co-signer is responsible for the payments.
not being able to make a payment or payments.
Stays the same throughout the duration of the loan term. Predictable with higher interest rates.
Can fluctuate depending on the index. Unpredictable with lower interest rates.
Variable Rate is?
if you default on your payments your co-signer is responsible for the payments.
not being able to make a payment or payments.
Stays the same throughout the duration of the loan term. Predictable with higher interest rates.
Can fluctuate depending on the index. Unpredictable with lower interest rates.
The larger the down payment on a vehicle, the _____________ the principal loan amount will be.
Higher
Lower
No Change
Not Enough Information
Which of the following variables is NOT needed to calculate the cost of a loan?
Principal
Time/Years
APR
Your Income
Calculate total loan cost if principal is $10,000 at 4% APR for 4 years (use simple interest I = PxRxT +P)
$10,400
$11, 600
$16,000
$19, 200
If the amount of an Auto Loan is $22,000 financed with no intereest for 60 months, the monthly payment will _____. (Divide by 60)
$306.67
$386.76
$376.87
$366.67
What logo is this
Cadillac
Chevy
Ford
Tesla
What car logo is this
Pontiac
Buick
lambo
Honda
What is this logo
Buick
Pontiac
Teala
GMC
What car logo is this
Chevy corvette
Mclaren
Mustang
Ford
Name this car logo:
BMW
Volvo
Saab
Volkswagen
