4.1 Intro to Credit

4.1 Intro to Credit

11th Grade

3 Qs

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4.1 Intro to Credit

4.1 Intro to Credit

Assessment

Quiz

Life Skills

11th Grade

Hard

Created by

Chanda Eager

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3 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which word represents the total cost of an item you're purchasing on credit minus any down payment you make up front?

principal

term

interest rate

APR

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Each of the following represents an installment loan EXCEPT . . .

homre mortgage

auto loan

student loan

credit card

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of these actions would most likely decrease a person's net worth for a least the next 6 months?

use a loan to buy a brand new car

work 10 hours overtime each week and put all extra earnings into a savings account

Work 10 hours overtime each week and put the extra earning to pay down student loan debt

Open 3 new credit cards but don't spend any money on them