WorksheetsTypes of credit review
Total questions: 10
Worksheet time: 7mins
The Process of paying off a debt in regular installments over a period of time is known as...
Authorized user
Payday loan
Amorization
None of these
The smallest amount you can pay each month to keep your credit card in good standing is called the (a) However, it's recommended that you pay your balance in full each month.
Amanda has taken out a(n) ________, which has an interest rate that changes based on the market, As a result, her monthly payments change.
Variable-rate loan
Down payment
Payday loan
Term
A(n) (a) is often considered a risky option for emergency cash because it needs to be repaid by your next paycheck and has a high interest rate.
To purchase their first home, the Thompsons took out a(n)
(a)
Jenny's mother added her as a(n) __________ ____ on her credit card account so Jenny could build a credit history under supervision
Payday Loan
Down Payment
Term
Authorized user
A car loan is an example of _______ ____, where the loan is backed by collateral, If payments are not made, the lender can seize the car itself.
Minimum payment
Secured debt
Down payment
Variable rate loan
When buying a new car, Michael was required to pay 20% of the car's price upfront as a(n) _______, reducing the amount he needed to borrow.
Down payment
Principal
Credit limit
Payday loan
The ______ is the amount of money you borrow from a lender. The ____ is the amount you are charged to borrow that money. The _____ is how long you have to pay the money back, with interest, to the lender.
Interest, Principal, Term
Principal, Interest, Term
Term, Interest, Principal
The maximum amount of money that can be charged to a credit card is known as the ____
Credit limit
Principal
Mortgage
