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- 1. Multiple ChoiceAll of the following are dangers of credit, EXCEPT:OverspendingCan be dangerous in tough economic timesCan increase your financial optionsCan be expensive
- 2. Multiple ChoiceTrue or False: Credit can lead to overspending.TrueFalse
- 3. Multiple ChoiceWhich of the following is NOT a factor to consider when taking out a loan?Length of the loanTotal Cost of the loanImpact of the monthly payment on your budgetHow much time it takes to receive the loan
- 4. Multiple ChoiceHow do you ruin your credit?Have someone Co-Sign your loanNot pay your billsGet a gas/Apartment cardCats
- 5. Multiple ChoiceWhich of the following would IMPROVE your credit score.Closing out old credit cards.Paying off your credit card bill.Using a large portion of your credit limit.Opening a new savings account.
- 6. Multiple ChoiceInterest is:A charge for lending money to a bankThe amount owed for borrowing moneythe amount added into your savings when opening a bank accounta charge for the convenience of accessing money stored in your bank account
- 7. Multiple ChoiceThe "term" is the initial amount of money borrowed in a loan.TrueFalse
- 8. Multiple Choice______________ is the amount of money you pay to use someone else's money.InterestCreditPrincipalTerm
- 9. Multiple ChoiceAn example of closed-ended credit is a(n) _______________Installment loanCredit cardEquity Credit line
- 10. Multiple ChoiceType of loan used specifically for purchasing a home is a __________MortgageStudent LoanEquity Line of CreditCredit Card
- 11. Multiple ChoiceAnother name for open ended credit is ____________ creditNever endingRevolvingSpinningEndless
- 12. Multiple ChoiceThis is when the interest rate will remain the same for the life of the loanAdjustable rateBalloon rateNever changing rateFixed rate
- 13. Multiple Choice__________ is the entire amount of money you owe to lendersBankruptcyDebtObligationDuty
- 14. Multiple ChoiceMoney you pay up front toward the purchase to reduce the loan amountDown paymentUp front paymentPrincipalInterest
- 15. Multiple Choice
Allowing goods and services to be used now with a promise of payment in the future.creditbankruptcydebtorforeclosure - 16. Multiple ChoiceAll of the following are examples of benefits of credit, EXCEPT:Increase your standards of livingSafer than cashBuying powerCan tie up future income
- 17. Multiple ChoiceWhich is NOT a way to establish credit?Creating an account with a bankObtaining a credit cardGetting married, having a few kids, buying some stuff, retiring to Florida, and dying.Having a parent co-sign a card
- Answer choicesTagsAnswer choicesTags