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Ch. 15 - Credit

Quiz by Timothy Jenson

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30 questions
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  • Q1
    A mortgage is an example of closed-end credit.
    True
    False
    60s
  • Q2
    A loan from a family member is an example of an expensive loan.
    True
    False
    60s
  • Q3
    A borrower is a credit cardholder who does not pay off his or her balance in full each month.
    False
    True
    60s
  • Q4
    Consumer credit is the use of credit for business or personal needs.
    False
    True
    60s
  • Q5
    A secured loan is one guaranteed to be repaid through safe collateral.
    False
    True
    60s
  • Q6
    Inflation increases the buying power of money.
    True
    False
    60s
  • Q7
    Equifax is a credit bureau.
    False
    True
    60s
  • Q8
    When you cosign a loan for a friend, you may be responsible to make loan payments if the other person fails to.
    False
    True
    60s
  • Q9
    If you file for Chapter 7 Bankruptcy, you will have to sell most of your assets.
    False
    True
    60s
  • Q10
    One sign of debt problems is using and paying off your credit cards every month.
    True
    False
    60s
  • Q11
    An example of open-end credit is a(n) ____.
    Automobile loan
    Installment loan
    Mortgage
    Credit card
    60s
  • Q12
    The interest is tax deductible on a ____.
    Credit card loan
    Bank loan
    Home equity loan
    Credit union loan
    60s
  • Q13
    Credit card holders are known as convenience users when they ____.
    Carry smart cards
    Carry balances beyond the grace period
    Pay off their balances each month
    Pay finance charges
    60s
  • Q14
    The total dollar amount you pay to use credit is the ____.
    Term of the loan
    Debt payment-to-income ratio
    Finance charge
    Annual percentage rate
    60s
  • Q15
    A higher interest rate is usually the trade-off for a ____.
    Short-term loan
    Long-term loan
    Simple interest loan
    Secured loan
    60s

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