Credit Wise

Credit Wise

12th Grade

20 Qs

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Credit Wise

Credit Wise

Assessment

Quiz

Business

12th Grade

Practice Problem

Easy

Created by

Darina Bateman

Used 2+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a credit card agreement?

A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first.

A record of a person's use of credit over time.

A contract that outlines the terms and conditions for using your credit card.

A portion of the total cost of an item that must be paid at the time of purchase.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does balance transfer refer to?

A fee charged if your payment is received after the due date.

Moving a balance from one credit card account to another.

An increased interest rate that results from violating the terms of your credit card agreement.

A legal process that relieves debtors of the responsibility of paying their debts.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a late payment fee?

A portion of the total cost of an item that must be paid at the time of purchase.

A fee charged if your payment is received after the due date.

A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first.

A contract granting use or occupation of property during a specified time for a specified payment.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is Penalty APR?

A measurement of your outstanding debt divided by your total available credit.

A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first.

An increased interest rate that results from violating the terms of your credit card agreement.

A contract that outlines the terms and conditions for using your credit card.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is bankruptcy?

A legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay.

A record of a person's use of credit over time.

A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first.

A contract granting use or occupation of property during a specified time for a specified payment.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of a credit bureau?

A company that collects information about your credit history and sells it to lenders.

A method of debt repayment whereby the borrower prioritizes paying down debts with the smallest balances first.

A portion of the total cost of an item that must be paid at the time of purchase.

A contract granting use or occupation of property during a specified time for a specified payment.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a lease?

A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first.

A fee charged if your payment is received after the due date.

A record of a person's use of credit over time.

A contract granting use or occupation of property during a specified time for a specified payment.

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