Good debt vs bad debt part 1
3 hours ago
ijones_56450
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  • Question 1
    20 seconds
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    Q. Someone who agrees to pay back your loan if you default
    answer choices
    Co-Signer
    Joint Applicant
    Individual Applicant
  • Question 2
    20 seconds
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    Q.

    If you default on a loan, your co-signer takes on the debt as if it were their own.

    answer choices

    True

    False

  • Question 3
    20 seconds
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    Q. What is the correct definition of interest?
    answer choices
    money paid to you by a bank for the money you have in a bank account
    put into a bank account
    to borrow something
  • Question 4
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    Q. Annual fee definition
    answer choices
    When you withdraw money from the ATM and it charges you $1.50.
    When a credit card company charges you a fee each YEAR
  • Question 5
    20 seconds
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    Q.

    What is debt?

    answer choices

    Another word for death

    Something, typically money, that is owed or due

    A loan on which you do not have to pay interest

    That which is incurred during childhood and consummated in college

  • Question 6
    20 seconds
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    Q.

    What is the advantage of paying your credit card balance in full each month?

    answer choices

    You pay only a small amount of interest.

    You have less of your credit limit available, therefore, less temptation to spend.

    You avoid paying any interest and fees.

    You will incur only a small "paid in full" fee on your next credit card statement.

  • Question 7
    20 seconds
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    Q.

    What is an outstanding balance?

    answer choices

    The amount you still owe after you have made your most recent payment.

    The amount you have spent in total.

    The amount you still have available of your credit limit.

    The amount of your minimum payment due.

  • Question 8
    20 seconds
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    Q.

    Why is it more difficult to get out of debt when only paying the minimum payment?

    answer choices

    Your credit limit always resets, so you have a lot of spending power each month.

    Your entire minimum payment goes toward principal and the interest continues to compound.

    The majority of your minimum payment is going toward interest and finance charges and only a small amount toward the principal.

  • Question 9
    20 seconds
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    Q.

    The video advises you to "be a deadbeat". What does that mean?

    answer choices

    Make the minimum payment on your credit card on time each month.

    Pay your credit card bill in full and on time every single month, thus paying no interest or fees.

    Never open a line of credit so the credit card companies do not make any money.

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