Question 1

What is credit?

Accepted Answer

Money that you borrow and must pay back

Answer

Money that you save and keep for emergencies

Answer

Money that you receive as a gift from a friend

Answer

Money that you earn by doing chores

Question 2

What is debt?

Accepted Answer

Money that you owe to someone else

Answer

Money that you save in a piggy bank

Answer

Money that you receive as a gift from a family member

Answer

Money that you earn by working

Question 3

What is a credit score?

Accepted Answer

A number that represents your creditworthiness

Answer

The minimum payment on a credit card

Answer

The amount of money you owe

Answer

The interest rate on a loan

Question 4

What is a credit card?

Accepted Answer

A plastic card that allows you to borrow money to make purchases

Answer

A card that gives you discounts on purchases

Answer

A card that is used for identification purposes only

Answer

A card that gives you free money

Question 5

What is interest?

Accepted Answer

The additional amount of money you have to pay when you borrow money or use credit

Answer

The money you receive as a gift

Answer

The amount of money you save in a bank account

Answer

The total amount of money you owe to someone

Question 6

What is a loan?

Accepted Answer

Money that you borrow from a lender and agree to pay back with interest

Answer

Money that you earn by doing chores

Answer

Money that you receive as a gift from a relative

Answer

Money that you save in a savings account

Question 7

What is a credit limit?

Accepted Answer

The maximum amount of money you can borrow on a credit card or line of credit

Answer

The total amount of money you owe on all your debts

Answer

The minimum amount of money you can borrow on a credit card or line of credit

Answer

The interest rate on a loan

Question 8

What is a budget?

Accepted Answer

A plan for how you will spend and save your money

Answer

A list of all the things you want to buy

Answer

The amount of money you owe to someone

Answer

The total amount of money you have

Question 9

What is a late payment fee?

Accepted Answer

An additional charge imposed when a payment is not made by the due date

Answer

A fee charged for using a credit card

Answer

A discount given for making a payment before the due date

Answer

A reward for making all payments on time

Question 10

What is a credit report?

Accepted Answer

A record of your borrowing and payment history

Answer

A summary of your credit card transactions

Answer

A statement of your current debts

Answer

A document that shows your income and expenses

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