Unit 7.3
Quiz
•
Business
•
9th Grade
•
Hard
Kacey Reeves
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the interest rate is 5%, what is the interest on a $200 loan?
$5
$10
$15
$20
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the definition of interest rate?
The amount you save in a bank
The cost you pay to the lender for borrowing
The profit you earn from investments
The fee for opening a bank account
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If you borrow $100 and the interest rate is 5%, how much will you pay back?
$100
$105
$110
$95
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the definition of credit?
A gift given by a bank
A contractual agreement where a borrower uses the lender's money and agrees to pay it back
A type of savings account
A method of earning interest
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the main benefit of a line of credit?
It earns interest over time
It provides flexibility in spending
It requires no repayment
It is a form of income
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is an example of using a line of credit?
Buying groceries with a credit card
Receiving a paycheck
Depositing money in a savings account
Purchasing a car with cash
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is the purpose of a payment plan?
To increase debt
To pay off outstanding debts
To avoid paying debts
To calculate interest
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