WorksheetsFinance Chapter 2 Quiz - Debt (2025)
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
If you DON'T have the cash to pay for it now, you can still afford it - just use a credit card.
a)
Good Advice
b)
Bad Advice
2.
You should have a credit card for emergencies.
a)
Good Advice
b)
Bad Advice
3.
If you choose to use a credit card, pay off the balance EVERY month to avoid paying any interest.
a)
Good Advice
b)
Bad Advice
4.
Debt can make people look wealthier than they actually are.
a)
True
b)
False
5.
If you win the lottery tomorrow, your credit score will get better.
a)
True
b)
False
6.
The FICO score measures all of the following EXCEPT...
a)
Debt history
b)
Types of debt
c)
Savings account balence
d)
New debt
7.
Paying off a loan makes your credit score get better.
a)
True
b)
False
8.
Which of the following describes the BEST way to buy a car?
a)
Barrow money from your parents to buy a car.
b)
Save up for a down payment and then get a loan for the rest.
c)
Save up and pay cash for a used car in your price range.
d)
Ask your grandparents to co-sign a loan with you.
9.
A fee that a bank, credit card, or other loan lender charges for the opportunity to purchase something now and pay for it over time is called...
a)
Credit score
b)
Budget
c)
Interest
d)
Loan
10.
Debt is marketed or advertised to us just like any other product.
a)
True
b)
False
11.
You need to have a credit card to have a good credit score in order to buy a car or house.
a)
True
b)
False
12.
All adults have car payments.
a)
True
b)
False
13.
When making credit card payments, you pay more towards the interest owed than the price of your purchases each month.
a)
True
b)
False
14.
A good credit report or high credit score means you are good with money.
a)
True
b)
False
15.
The average family spends ____ of their income in debt payments.
a)
50%
b)
25%
c)
5%
d)
10%
100 %
