4.1 Intro to Credit
Authored by Chanda Eager
Life Skills
11th Grade
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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
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