Credit Unit Test Review, 2024

Credit Unit Test Review, 2024

8th Grade

28 Qs

quiz-placeholder

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Credit Unit Test Review, 2024

Credit Unit Test Review, 2024

Assessment

Quiz

English

8th Grade

Medium

Created by

Carol Hawke-Diop

Used 4+ times

FREE Resource

28 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which word means “the amount of time you have to pay off a loan?”

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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