Which word means “the amount of time you have to pay off a loan?”
Credit Unit Test Review, 2024

Quiz
•
English
•
8th Grade
•
Medium
Carol Hawke-Diop
Used 4+ times
FREE Resource
28 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
interest
balance
term
principal
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which word means “extra money that you pay to borrow money?”
interest
balance
term
principal
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which word means “the original amount of money that you borrowed?”
interest
balance
term
principal
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which word means “the amount of money that you still owe?”
interest
balance
term
principal
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one advantage to the lender of requiring a down payment?
The borrower has a longer time to pay off the loan.
The borrower is more likely to pay the loan back.
The borrower will end up paying less interest.
The borrower will end up paying more interest.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is one advantage to the borrower of paying a down payment?
The borrower has a longer time to pay off the loan.
The borrower is more likely to pay the loan back.
The borrower will end up paying less interest.
The borrower will end up paying more interest.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In an amortization schedule:
You will make the same payment each month.
True
False
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