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Unit 4 Review

Quiz by Kenneth Carrion

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70 questions
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  • Q1
    What is one of the main risks of young people using credit cards irresponsibly?
    Accumulating debt
    Increasing savings
    Learning budgeting skills
    Building credit history
    30s
  • Q2
    What is a common feature of credit cards that can benefit young people when used wisely?
    Always earning cash rewards
    Avoiding any fees
    Guaranteed approval without terms
    Building credit history
    30s
  • Q3
    What is one important practice young people should follow when using a credit card?
    Use the card for every purchase
    Pay the balance in full each month
    Only make minimum payments
    Ignore the due dates
    30s
  • Q4
    What is a potential consequence of exceeding your credit limit on a credit card?
    Receiving a credit score boost
    Incurring over-limit fees
    Automatically increasing your credit limit
    Gaining extra rewards points
    30s
  • Q5
    Why is it important for young people to understand their credit card terms and conditions?
    To receive a free credit score report
    To avoid unexpected fees and interest rates
    To guarantee cash back rewards
    To increase their spending limit
    30s
  • Q6
    What is a benefit of using credit cards for online purchases?
    Mandatory annual fees
    Fraud protection
    Higher interest rates
    Limited purchase options
    30s
  • Q7
    What should young people do if they have trouble making their credit card payments?
    Ignore the payments
    Close the credit card account immediately
    Rely on a friend to pay for them
    Contact their credit card issuer for assistance
    30s
  • Q8
    What can be a disadvantage of having multiple credit cards as a young person?
    Improved credit score instantly
    Higher chances of accumulating debt
    More rewards and benefits
    Easier tracking of expenses
    30s
  • Q9
    What is a recommended strategy for young people to use a credit card responsibly?
    Use it for necessary expenses only
    Use it for all purchases without a budget
    Max out the card for rewards
    Share the card with friends freely
    30s
  • Q10
    What is a common misconception about credit cards among young people?
    That it's free money
    They can improve financial literacy
    They have fixed payment terms
    They offer rewards for all purchases
    30s
  • Q11
    What is the term for the interest rate charged on a loan?
    AGI
    ROI
    GDP
    APR
    30s
  • Q12
    What is a secured loan?
    A loan backed by collateral
    A type of credit card
    A loan without interest
    A loan for education only
    30s
  • Q13
    What does the term 'default' mean in relation to loans?
    Lowering the interest rate
    Failure to pay back a loan
    Paying off a loan early
    Taking out a second loan
    30s
  • Q14
    What is the purpose of a credit score?
    To track personal savings
    To calculate interest rates only
    To evaluate a borrower's creditworthiness
    To determine job eligibility
    30s
  • Q15
    What does it mean to refinance a loan?
    To convert a loan to a grant
    To make a payment on time
    To increase the loan amount
    To obtain a new loan to pay off an existing one
    30s

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