What is the term for the cost of borrowing money, typically expressed as an annual percentage of the loan amount?
Unit 2 Credit and Loans Test

Flashcard
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Financial Education
•
10th Grade
•
Hard
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1.
FLASHCARD QUESTION
Front
Back
Interest rate
2.
FLASHCARD QUESTION
Front
Which of the following factors does NOT affect your credit score? Payment history, Employment status, Credit utilization ratio, Types of credit in use
Back
Employment status
3.
FLASHCARD QUESTION
Front
Paying more than the minimum payment on a loan each month can:
Back
Decrease the total interest paid over the life of the loan
4.
FLASHCARD QUESTION
Front
What is the main benefit of having a good credit score?
Back
Access to better interest rates on loans
5.
FLASHCARD QUESTION
Front
Which of the following is a strategy to manage and repay multiple loans effectively? The snowball method, Only paying the minimum amount due, Taking out a new loan to cover the old ones, Missing payments to save money
Back
The snowball method
6.
FLASHCARD QUESTION
Front
What is a secured loan?
Back
A loan that is secured by collateral, such as a house or car.
7.
FLASHCARD QUESTION
Front
What does APR stand for?
Back
Annual Percentage Rate
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