Intro to Credit
Authored by Aryelle Covington
Business
12th Grade
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25 questions
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1.
FILL IN THE BLANK QUESTION
1 min • 1 pt
What type of loan is used for tuition?
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is collateral?
Something that the bank gives you with a loan
Something of value that the bank can take if you default on the loan
A document that you sign when taking out a loan
A legal binding document that you sign after paying back the loan
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of loan requires collateral?
Unsecured
Secured
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of these is NOT included in every loan?
Principal
Interest rate
Collateral
Loan term
5.
FILL IN THE BLANK QUESTION
1 min • 1 pt
Which type of loan is used for expenses in between pay periods?
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is "interest"?
The amount you are borrowing
The amount of time you have to pay back a loan
How much money you have in the bank
The fee for borrowing money
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a "loan term"?
The fee for borrowing money
How much money you have in the bank
The amount of time you have to pay back a loan
The amount you are borrowing
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