Clodfelter | E208 | Managing Credit

Clodfelter | E208 | Managing Credit

12th Grade

28 Qs

quiz-placeholder

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Clodfelter | E208 | Managing Credit

Clodfelter | E208 | Managing Credit

Assessment

Quiz

Financial Education

12th Grade

Easy

Used 2+ times

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28 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does 'Annual Percentage Rate (APR)' refer to?

The total amount of money borrowed

The cost you pay each year to borrow money, including fees, expressed as a percentage

The interest rate charged monthly

The total interest paid over the life of a loan.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fill in the blank: 'Chapter 7 Bankruptcy' is also known as ________ bankruptcy.

reorganization

liquidation

consolidation

discharge

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of the Consumer Financial Protection Bureau (CFPB)?

To collect taxes

To protect consumers by regulating financial products and services

To provide loans to students

To manage the stock market.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Credit Utilization Rate is a measurement of your outstanding debt divided by your total available credit. A general rule of thumb is to keep this under ____.

10%

20%

30%

40%

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the definition of 'Debt'?

Money you owe to a person or business

A type of loan

A repayment method

A financial plan

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The 'Debt Avalanche Method' prioritizes paying down debts with the ________.

smallest balances first

highest interest rates first

lowest interest rates first

largest balances first

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a 'Debt Consolidation Loan'?

A loan that combines existing debts into one monthly payment

A method of paying debts with the smallest balances first

A plan to reduce interest rates

A high-risk company.

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