What is credit?
Finance Quiz

Quiz
•
Other
•
12th Grade
•
Hard

Bradley Dial
Used 5+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Money exchanged in a bartering and trading society
Money saved for emergencies
Money used to purchase items at a general store
Money borrowed to buy something now, with the agreement to pay for it later
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was one of the earliest forms of credit?
Taking out loans from creditors
Using credit cards
Buying things on account at a general store
Borrowing money from banks
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is capital in the context of credit?
The property pledged to assure repayment of a loan
The total dollar amount of all interest and fees paid for the use of credit
The property possessed that is worth more than debts
The ability to repay a loan
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a credit score used for?
Determining the minimum payment required on a loan
Determining the credit limit on a credit card
Determining the interest rate charged to a borrower
Determining the amount of money a borrower can borrow
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the annual percentage rate (APR)?
The actual yearly cost of funds over the term of a loan or income earned on an investment
The yearly interest generated by a sum charged to borrowers or paid to investors
The total dollar amount of all interest and fees paid for the use of credit
The cost of credit expressed as a yearly percentage
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is collateral in the context of credit?
The ability to repay a loan
The total dollar amount of all interest and fees paid for the use of credit
The property pledged to assure repayment of a loan
The property possessed that is worth more than debts
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the balance due in a credit purchase?
The amount borrowed plus the interest for the time the loan is held
The amount owed to the creditor once the credit purchase is completed
The total dollar amount of all interest and fees paid for the use of credit
The minimum payment required each month under the credit agreement
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