
Clodfelter | E208 | Managing Credit
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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