Credit
Quiz by Shawna Cole
Feel free to use or edit a copy
includes Teacher and Student dashboards
Measure skillsfrom any curriculum
Measure skills
from any curriculum
Tag the questions with any skills you have. Your dashboard will track each student's mastery of each skill.
With a free account, teachers can
- edit the questions
- save a copy for later
- start a class game
- automatically assign follow-up activities based on students’ scores
- assign as homework
- share a link with colleagues
- print as a bubble sheet
24 questions
Show answers
- Q1Which of the following statements comparing credit and debit cards is TRUE?Credit cards pull money directly from your checking accountWith debit cards, you're spending money from your checking account, while with credit cards, you're borrowing money and promising to pay it back laterWhen you use a debit card you are borrowing money and promising to pay it back laterCredit cards and debit cards are the same thing30s
- Q2Which of the following is an example of a variable rate debt?credit cardpersonal loancar loanstudent loan30s
- Q3When loans are amortized, your monthly paymentdecreasesincreasesStays the same30s
- Q4When loans are amortized, the amount of interest you are chargedincreasesdecreasesstays the same30s
- Q5When loans are amortized, the amount of money going to your principal each monthdecreasesincreasesstays the same30s
- Q6Which of the below is an example of a revolving loanhome loancredit cardstudent loanauto loan30s
- Q7What organization created credit scores?Far Information CorporationFine Issue CohortFair Isaac CorporationFairly Inaccurate Company30s
- Q8When borrowing money it is better to have a ____________ interest rate.lowerhigher30s
- Q9What is the lowest credit score possible?030085010030s
- Q10The higher your credit score the more likely you are to receive a _________ interest rate on a loan.higherlower30s
- Q11Who tracks all of your credit information on a detailed reportConsumer Financial Protection Board (CFPB)Companies named Equifax, Experian and TransUnionFederal GovernmentLenders30s
- Q12Which law requires requires each of the 3 bureaus to supply consumers with 1 free credit report a year.Truth in Lending ActFair Credit Report ActFair Credit Billing ActFair Debt Collection Practices Act30s
- Q13How long does negative information stay on your credit report?6 months1 year10 years7 years30s
- Q14Why is it important to start building credit when you are young?Credit scores are free for anyone under the age of 25Interest rates will only continue to go up as you get olderYou need a credit history and report to qualify for Federal student loansYou will likely need a credit history to rent your first apartment, finance your first car, or open an unsecured credit card30s
- Q15Why are credit scores important?Consumers with low scores get lower interest rates on loans than those with high scoresYour credit score can determine whether you are approved for a loan and what the interest rate on that loan will beIt is notConsumers with low scores can borrow and those with high scores cannot30s