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Finance Quiz

Authored by Bradley Dial

Other

12th Grade

Used 5+ times

Finance Quiz
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is credit?

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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