Debt Management

Debt Management

7th Grade

8 Qs

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Debt Management

Debt Management

Assessment

Quiz

Other

7th Grade

Practice Problem

Easy

Created by

Paula Davies

Used 7+ times

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Bailey borrowed some money from a bank to buy a car. In this scenario, what is the money Bailey borrowed?

Money Bailey saved for future expenses

Money borrowed from a lender that must be repaid

Money given to Bailey by his friend, Dylan

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Beth is considering taking on some debt to buy a new house. Which of the following types of debt would be considered secured?

The credit card debt Beth incurred from shopping

The mortgage on Beth's new house

The medical bills from Beth's recent surgery

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Zak has multiple debts with different interest rates. Why is it important for him to prioritise paying the debt with the highest interest rate when creating a repayment plan?

It helps Zak build a good credit score

It saves Zak money on interest in the long run

It's easier for Zak to pay off high-interest debt

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Imagine Silver is preparing to assess his financial situation. What should he include in a list of his debts?

Only the names of the lenders he owes money to

Outstanding balances and due dates of each debt

His favourite colours

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Maddison has multiple high-interest debts from her credit cards, personal loans, and a car loan she took for her brother Jake. What is a common strategy she could use to manage these debts?

Making minimum payments on all debts simultaneously

Ignoring some debts and paying others off quickly

Debt consolidation to lower interest costs

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Dylan has a lot of student loans to pay off. What should he do to avoid accumulating more debt while managing his current ones?

Dylan should increase his spending on his credit card

Dylan should stick to his budget and use credit responsibly

Dylan should pay only the minimum amount due on his loans

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Maddison has taken a loan to buy her dream car. Why is it important for Maddison to keep track of her debt repayment progress regularly?

To brag to her friends Zak and Dylan about her financial status

To make necessary adjustments to her repayment plan if needed

To calculate her credit score

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