WorksheetsUnit 5 EXAM
Total questions: 11
Worksheet time: 6mins
Credit is a loan (_____) from a financial institution that you must REPAY by a certain date, with INTEREST.
BORROWED MONEY
FREE MONEY
A Lawn
A BANK
Interest is A FEE charged for borrowing money. The interest rate is a percentage (%), usually calculated on an (____) basis, that must be paid back IN ADDITION to the original amount borrowed.
WEEKLY
MONTHLY
YEARLY
DAILY
A (____) is a rating used by credit reporting companies to help banks decide if they will GIVE YOU CREDIT. It is a record of how you have REPAID your credit obligations.
bank report
credit score
money history
RBI
Credit scores are important. Credit scores help determine your eligibility for borrowing more money, such as a loan for college or buying a house or car. They also DETERMINE YOUR (____).
COLLEGE DEGREE
CHARISMA FACTOR
EXPENDITURES
INTEREST RATE
A High Credit Score gets you (____) interest rates.
CHEAPER
HIGHER
MORE EXPENSIVE
HELLO KITTY
Making payments (____) and borrowing responsibly are your best route to a great score.
ONE TIME
ON TIME
SOMETIMES
ALL THE TIME
A (____) tells lenders that you could be a RISKY borrower. It can affect your chances of being approved for credit (a loan) or RAISE your interest rate.
Good Credit Score
Great Looking Suit
Poor Credit Score
Well Written Essay
Credit is a type of loan.
False
True
When you borrow money, it is VERY important to pay it back. What three consequences of not paying on time?
Your credit score goes down.
You can no longer borrow more money.
You will pay more money in interest.
You will save money in the long run.
What are the REWARDS of paying back on time?
Higher Credit Score
You Save Money in the Long Run
You will pay a lower interest rate.
You get a LOWER credit Score.
When you borrow money, it is VERY important to pay it back. What three consequences of not paying on time?
Your credit score goes down.
You can no longer borrow more money.
You will pay more money in interest.
You will save money in the long run.
