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Debt & Loans Quiz

Total questions: 37

Worksheet time: 29mins

Name
Class
Date
1.
Spreading payments out over a set amount of time is called...
a)
Interest rates
b)
Down payment
c)
Amortization
d)
Mortgage
2.
The fee you pay for borrowing money is called...
a)
Interest rate
b)
Term of Loan
c)
Amortization
d)
Principal
3.
The large amount of money you pay before you take out a loan is called...
a)
Annual percentage rate (APR)
b)
Down payment
c)
Amortization
d)
Principal
4.
I bought a car for $7,000. I took out a loan for $5,000 and had a down payment of $2,000. The loan is a 3 year loan and my interest rate is 3.6%. In this example, the $5,000 represents...
a)
Term of Loan
b)
Down payment
c)
Amortization
d)
Principal
5.
Which loan option is the BEST option? Option 1: 6.2% interest, 5 year term. Option 2: 6.2% interest, 4 year term. Option 3: 6.5% interest, 5 year term.
a)
Option 1
b)
Option 2
c)
Option 3
6.
True or false: The more cash you put down as a down payment, the higher your initial principle balance will be on the loan.
a)
True
b)
False
7.
True or false: When taking out a loan, lower monthly payments means it will take me longer to pay off the loan. Higher monthly payments will help me pay off the loan faster.
a)
True
b)
False
8.
What is the guideline for how much student loan debt is the "okay" amount?
a)
2-3 x your annual income
b)
15% of your monthly income
c)
Total loans are less than starting 1st year's annual income
d)
50% of your starting annual salary
9.
True or False: A grace period is when you don't have to make payments on student loans. This occurs right after you graduate college.
a)
True
b)
False
10.
How long is the grace period after you graduate?
a)
3 months
b)
6 months
c)
12 months
d)
Until you get your first job
11.
Select the two correct facts about FAFSA.
a)
FAFSA helps people pay for college.
b)
FAFSA costs money to apply for, but is worth it.
c)
FAFSA helps award you with work study, grants, and loan options.
d)
FAFSA should be applied for by the first day of your freshman year of college.
12.
What is the current total balance on this credit card?
a)
$49.00
b)
$2,389.42
c)
$2,463.98
d)
$20,000
13.
To use our credit card wisely, what should I pay off this month?
a)
Minimum payment
b)
Complete balance
c)
Interest only
d)
Half of the complete balance
14.
What amount should I pay off this month if I am using my credit card *wisely* like you learned in Personal Finance?
a)
$49.00
b)
$2,389.42
c)
$2,463.98
d)
$20,000
15.
What is the limit of this credit card?
a)
$20,000
b)
$17,536
c)
$2,463.98
d)
$59.00
16.
What limit should you use of your credit card?
a)
30%
b)
60%
c)
90%
17.
Select all of the options that answer the question, "To use your credit card wisely, you should..."
a)
Pay off the whole balance each month
b)

Use it for small, routine purchases each month

c)
Pay just the minimum payment each month, leaving a balance on the card
d)
Use it to pay off large things like your student loans payments
18.

I am buying a $15,000 car, and I am putting $3,000 down for a down payment. My loan is for 3 years. My loan amount would ​ (a)   if I increase my down payment from $3,000 to $5,000. I would pay ​ (b)   in interest. Luckily my monthly payment would also ​ (c)   .

Choose from the below words
decrease
less
increase
more
19.
Fill in the blanks. The value of your car goes ________ over time, so the more you drive your car, the ________ it will depreciate.
a)
Up, faster
b)
Down, slower
c)
Up, slower
d)
Down, faster
20.
True or False: Depreciation is when a value goes up in value over time. Appreciation is when a value goes down in value over time. Cars depreciate.
a)
True
b)
False
21.
Based on what we know about deprecation, what type of car should you buy?
a)
A brand new car
b)
A car that is 2-3 years old
c)
A leased car
d)
A car that is 5 years old
22.
My car monthly payment should be what percent of my monthly budget?
a)
<15%
b)
<30%
c)
<25%
d)
<50%
23.
I make $60,000 a year. What is the maximum amount of money I should spend on a car, based on my income?
a)
$10,000
b)
$15,000
c)
$20,000
d)
$30,000
24.
True or False: Buying a house is the best for the long-term.
a)
True
b)
False
25.
If I make $1,000 a month, what is the maximum amount I should spend on housing for the month?
a)
$250
b)
$400
c)
$500
d)
$1,000
26.
Which document would have the length of time you are required to pay rent for an apartment, along with whether pets are allowed, and if utilities are paid for?
a)
Deed
b)
Equity
c)
Lease
d)
Approval Amount
27.
If I bought my house for $230,000 and put 10% cash down for a downpayment. What is my loan amount when I initially bought the house?
a)
$2,300
b)
$23,000
c)

$200,000

d)

$207,000

28.

My original loan amount for my home was $207,000. 10 years later, I sold my house for $300,000. Over those 10 years, I paid off $50,000 from my original loan balance. What is the equity I have in my house after I sell it?

4 lines
29.
Which mortgage option will provide me with the largest monthly payment, and save me the most in interest over time?
a)
30 Year Fixed Rate Mortgage
b)
15 Year Fixed Rate Mortgage
c)
Lease-to-Own Mortgage
d)
Adjustable Rate Mortgage (ARM)
30.
Which of the following items will not be in a rental lease? Select two.
a)
Rental loan amount
b)
Deed amount
c)
Length of lease
d)
If pets are allowed
e)
Who pays for utilities
31.
Which method of debt focuses more on motivation, rather than being "mathematically" correct?
a)
Debt Snowball
b)
Debt Avalanche
32.
When working through one of these debt payoff methods, what should I do with my money once I pay off my first loan? Explain.
4 lines
33.

Organize these options into the right categories

Categorize the following

Government pays your interest while you're in school

The best choice for taking out a loan.

You pay your own interest.

Subsidized
Unsubsidized
34.

What is the correct order of taking out aid/student loans for college?

a)

Grants/Scholarships

b)


Sub/Unsubsidized Loans


c)

Parent Plus Loans

d)

Private Loans

1)
2)
3)
4)
35.

Match the following

a)

New Car

1.

Never been owned before

b)

Used Car

2.

Has at least 1 previous owner

c)

Leased Car

3.

Rented from a dealership

36.

Use the debt snowball method. List the loans in the correct order of paying it off.

a)

Personal Loan from your momma

b)

Credit Card #2

c)

Car Loan

d)

Credit Card #1

e)

Student Loan

1)
2)
3)
4)
5)
37.

Use the debt avalanche method. List the loans in the correct order or paying it off.

a)

Credit Card #2

b)

Credit Card #1

c)

Student Loan

d)

Car Loan

e)

Personal Loan from your momma

1)
2)
3)
4)
5)

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