Credit & Borrowing Pre-Test

Vocabulary: A numerical rating predicting how likely you are to pay a loan.

• Credit Limit

• Balance

• Credit Score

• Interest Rate

Tags

CCSS.RI.9-10.4

CCSS.RI.9-10.4

CCSS.RI.11-12.4

CCSS.RI.7.4

CCSS.RI.8.4

True or False: Car loans typically have the shorter loan terms than mortgages.

• True

• False

How do credit card companies entice users to spend money on their card? (Choose all that apply)

• They charge no interest on purchases made with the card.

• They use predatory marketing practices with 'too good to be true' offers.

• They provide users with rewards like airline miles, cash back, and more.

• They offer extremely high credit limits to users.

Jane buys a TV from Walmart for her college dorm room. She uses a PIN to verify the purchase at the register. What card did she use?

• Debit Card

• Credit Card

What form must be filled out to receive financial aid?

• 1040 form

• W-2 form

• W-4 Form

• FAFSA

What are the four types of financial aid offered by the US Government?

• Loans, Scholarships, Work-Study Programs, Apprenticeship Programs

• Loans, Scholarships, Grants, Internship Programs

• Loans, Grants, Scholarships, Internship Programs

• Loans, Grants, Scholarships, Work-Study Programs

What is the most important factor to building a good credit score?

• Paying your bills on time.

• Having a long credit history.

• Having a high income.

• Having a large number of credit cards.

Describe the difference between a debit card and a credit card.

Tags

CCSS.RI.11-12.5

CCSS.RI.9-10.5

CCSS.RI.11-12.3

CCSS.RI.8.3

CCSS.RI.9-10.3

Explain how a poor credit score can negatively affect your everyday life as an adult.

Tags

CCSS.RI.8.1

CCSS.RI.8.8

CCSS.RL.11-12.1

CCSS.RL.8.1

CCSS.RL.9-10.1

Describe the relationship between loan term and monthly payment amount. Why are mortgages typically longer than 15 year loan terms?

Tags

CCSS.8.EE.B.5