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Credit & Debt Basics

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Financial Education

10th Grade

Credit & Debt Basics
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20 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

The bank adds the interest to the .... to calculate the monthly payment of your loan.

principal

tenure

charge account

credit file

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Media Image

What did Mr. Fanelli and his wife NOT use the charge card for?

bought their furniture

bought tickets

bought airplane

went for vacation

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

My friend offered the bank his house as .... when he needed a loan.

collateral

debt

term

tenure

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the video we watched about PayDay lending, the expert says that "any other type of loan" is a better option than a payday loan.

True

False

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Which type of student loan offers students the most benefits?

federal unsubsidized loan

federal subsidized loan

private student loan

mortgage loan

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do lenders make money by loaning it out?

They claim property to pay the loans.

They invest in the community of borrowers.

They charge interest on the principal amount borrowed.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Consumers can rely on the ____________ to compare loans because it is the TOTAL cost of borrowing money.

FDIC

AYR

APR

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