WorksheetsLesson 7: Credit and Borrowing - Post-Test
Total questions: 13
Worksheet time: 12mins
What is one smart reason to borrow money?
To buy candy for friends
To pay for something important you can't afford right now
To go on vacation every weekend
To buy toys every day
What should you always do after borrowing money?
Forget about it
Spend more
Pay it back on time
Ask for more
What can happen if you borrow money and don't pay it back?
You get more money
You earn a prize
You can hurt your credit and trust
Nothing happens
What is a credit score?
A test score for school
A number that shows how well you handle borrowing and paying back money
The amount of money you spend on snacks
The money you keep in your wallet
Why is it important to have good credit?
So you can borrow more than you need
So you can get good jobs, rent homes, and borrow money when needed
So you can skip saving
So you never have to pay for things again
What is one consequence of missing loan payments?
You win a lottery
You get free money
Your credit score may go down
Your debt disappears
Which of these is a good habit when using a credit card?
Paying only the minimum amount every month
Ignoring your bills
Lending your card to friends
Paying your full balance on time
Why should you read the terms before borrowing money?
To get more rewards
To avoid ever paying back
To skip paying interest
To know how much you need to repay and when
What is principal?
“The fee that is paid to borrow money.”
“The paying off of a debt with a fixed repayment schedule in regular installments over a period of time.”
“The rate lenders charge borrowers for money.”
“The non-interest portion of a loan.”
If a person decides to lend money to a friend, it is strongly advised that the person lending the money
Charge a higher interest rate than banks are charging for a loan
Has a good credit score
Ask the borrower to sign an agreement explaining the terms of the loan
Ask the borrower to not have any unpaid bills
If a person decides to lend money to a friend, it is strongly advised that the person lending the money
Charge a higher interest rate than banks are charging for a loan
Has a good credit score
Ask the borrower to sign an agreement explaining the terms of the loan
Ask the borrower to not have any unpaid bills
Taking a loan to use someone else's money is _______________.
Profit
Revenue
Borrowing money
Income
To take something with the intention of returning it
market
burros
borrow
