NGPF Intro to Credit

Quiz
•
History
•
10th Grade
•
Medium

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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