Unit 7.3

Unit 7.3

9th Grade

20 Qs

quiz-placeholder

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Unit 7.3

Unit 7.3

Assessment

Quiz

Business

9th Grade

Hard

Created by

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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