WorksheetsFINANCIAL mixed review credit cards and consumer credit
Total questions: 20
Worksheet time: 1hrs 17mins
When you purchase something and you do not pay for it immediately, you are using ...
debit
asset
credit
FICO score
Your credit "report card". Included in your financial history when applying for credit.
assets
earning power
credit rating
progress report
An initial payment made when something is bought on credit is called a ...
Installment plan
Credit purchase
Monthly payment
Down payment
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
True or False?
The longer the loan term, the less total interest you pay.
True
False
When getting a car loan you will want to get the highest or the lowest interest rate?
lowest
highest
While paying off your installment loan over 5 years you made payments of $381.62. Calculate the total of the monthly payments.
$18,317.76
$22,897.20
$23,660.44
$27,476.64
Zeke bought a $2300 bobsled on the installment plan. He made a $450 down payment, and he has to make monthly payments of $93.50 for the next two years. How much in total will he pay back?
$2300
$394
$2694
$2752
Jacob wants to purchase new running boards for his truck and they cost $545. He can save $40 a month, how many months will it take for him to be able to buy them?
13
15
12
14
What is the most popular credit score used by creditors?
FICO score
Credit Reporting Agency score
Credit Mix score
Payment History score
Credit scores affect the interest rate.
False
Maybe
True
Possibly
What are the three major credit bureaus?
Transunion
Experian
Trans-America
Equifax
Credit allows you to
Sell items at an outrageous price
borrow money now so you can pay for an item later
pay money up front to purchase and item
obtain items without paying for them at all
Which type of consumer credit is often used for large purchases like homes or real estate?
Mortgage
Credit Card
Student Loan
Personal Loan
What type of consumer credit is specifically used for purchasing a vehicle?
Student loan
Auto loan
Personal loan
Home loan
What type of consumer credit is typically used for everyday purchases and has a revolving credit limit?
Personal loan
Payday loan
Debit card
Credit card
What word is used to describe interest you pay?
Finance Charge
Finances
Owe
Balance Charge
When a customer pays for part of the selling price at the time of purchase we call that _________.
Borrowing Money
Down Payment
Initial Start
Partial Payment
