NGPF Intro to Credit

NGPF Intro to Credit

10th Grade

20 Qs

quiz-placeholder

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NGPF Intro to Credit

NGPF Intro to Credit

Assessment

Quiz

History

10th Grade

Medium

Created by

Chanda Eager

Used 3+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the principal in terms of credit?

The interest charged on a loan

The original sum of money borrowed or invested

The total amount paid over the life of a loan

The monthly payment amount

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes an interest rate?

The fee charged for late payments

The percentage of the principal charged by the lender for the use of its money

The total amount of money borrowed

The length of time over which a loan is repaid

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a revolving line of credit?

A loan that must be paid in full each month

A credit arrangement that allows the borrower to use or withdraw funds up to a pre-approved credit limit

A fixed amount of money borrowed for a specific purpose

A type of credit that does not accrue interest

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a characteristic of installment credit?

It has no fixed repayment schedule

It allows for variable monthly payments

It involves regular, fixed payments over a set period

It is typically used for short-term borrowing

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does APR stand for in the context of credit?

Annual Payment Rate

Annual Percentage Rate

Average Payment Rate

Annual Principal Rate

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is net worth calculated?

Total assets minus total liabilities

Total income minus total expenses

Total savings minus total debts

Total investments minus total loans

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is credit?

A type of investment

The ability to borrow money or access goods or services with the understanding that you'll pay later

A savings account with a bank

A financial penalty for late payments

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