Shira is trying to decide between getting a debit card, a prepaid debit card, and a credit card. Which statement is true?
NGPF: Types of Credit: Lessons 1 - 7 Test

Flashcard
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Financial Education
•
9th Grade
•
Hard
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21 questions
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1.
FLASHCARD QUESTION
Front
Back
All 3 cards are completely different
2.
FLASHCARD QUESTION
Front
The average APR for a payday loan is closest to ...
Back
400%
3.
FLASHCARD QUESTION
Front
Which of the following is most likely to represent a fixed rate, secured debt? A student loan, A credit card, A prepaid debit card, An auto loan
Back
An auto loan
4.
FLASHCARD QUESTION
Front
Which of these statements best explains why it's often a good idea to pay more than the monthly amount due on an amortized loan? Options: Every time you pay extra, the lender will reduce the interest rate they're charging by a small amount, The extra payment will be applied to the principal amount you owe, which will pay down your debt more quickly, The extra payment will be applied to the interest you owe, which will reduce the overall cost of your loan, Amortized loans typically have much higher interest rates than credit cards, so they're the best place to put your extra cash
Back
The extra payment will be applied to the principal amount you owe, which will pay down your debt more quickly
5.
FLASHCARD QUESTION
Front
If you are having trouble making auto loan payments and are really following a tight budget, which recommendation below represents the WORST advice? Options: Find an extra source of income by taking a second job, working longer hours, or borrowing from family if they can afford to help, Stop making payments on some of your debts so you can focus on getting the most expensive or largest debts under control, Continue making all payments and call your lenders and see if you can negotiate lower monthly payments, lower interest rates, or longer terms, Explore whether a free or non-profit credit counseling service could help
Back
Stop making payments on some of your debts so you can focus on getting the most expensive or largest debts under control
6.
FLASHCARD QUESTION
Front
When loans are amortized, monthly payments are , while the amount of your monthly payment applied to interest and the amount of your monthly payment applied to the principal over time.
Back
Constant, Decreases, Increases
7.
FLASHCARD QUESTION
Front
Which of the following is true about fixed and adjustable-rate mortgages? Options: Fixed-rate mortgages have a constant payment every month, but an interest rate that increases throughout the term of the loan, Fixed-rate mortgages have a fixed interest rate for a few years, after which time the interest rate fluctuates according to general market conditions, Adjustable-rate mortgages have a fixed interest rate for a few years, after which time the interest rate fluctuates according to general market conditions, The two mortgages work the same way but are called different names depending if they come from a bank or a credit union
Back
Adjustable-rate mortgages have a fixed interest rate for a few years, after which time the interest rate fluctuates according to general market conditions
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