Types of Credit & Modeling Functions

Types of Credit & Modeling Functions

12th Grade

38 Qs

quiz-placeholder

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Types of Credit & Modeling Functions

Types of Credit & Modeling Functions

Assessment

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12th Grade

Medium

Created by

Esmeralda Renteria

Used 2+ times

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38 questions

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1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

Each of the following is an installment loan(pay per month), except for a(n) ___________, which is a revolving line of credit(means it changes per month).

Auto loan
Credit card
Mortgage
Student loan

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Keon plans to buy a new GMC Sierra for $47,000 at 5.5% APR. Which financing option would have the lowest total interest?

60-month term and $2,000 down payment
60-month term and $3,500 down payment
36-month term and $3,500 down payment
36-month term and $5,000 down payment

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In order to take out federal student loans, you need to…

Have a credit score above 600
Complete and submit the FAFSA
Choose a repayment plan before enrolling
Take out at least $6000 in private student loans

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a secured debt (involves collateral)?

A credit card
A student loan
An auto loan
A personal loan from family

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes a Schumer box?

The portion of your monthly credit card bill that lists the minimum monthly payment due
The portion of your credit card agreement that lays out the important rates and fees
The portion of your credit card application that asks for your income and employment status
The portion of a plastic credit card that holds the magnetic stripe or chip

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main difference between an annual interest rate and an annual percentage rate (APR)?

APR is the interest rate combined with guaranteed fees
APR is almost always lower than interest rate
Interest rate is for loans, while APR is for credit cards
Interest rate is money you earn on investments, while APR is money you pay for debt

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

For most American households, the largest source of debt is:

Student loans
Credit cards
Medical debt
Mortgages

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