Credit Unit Review
Authored by Lauren Flynn
Life Skills
11th Grade
Used 4+ times
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64 questions
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1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Which term refers to a loan where you pay both principal and interest in scheduled payments?
Credit History
Amortized Loan
Simple Interest
Co-Signer
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What shows the yearly cost of a loan including fees?
APR (Annual Percentage Rate)
Fixed Rate
Grace Period
Minimum Payment
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Who can access an account but doesn’t own the funds in it?
Co-Signer
Authorized Signer
Account Holder
Private Lender
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is a loan used specifically for purchasing a vehicle?
Mortgage Loan
Auto Loan
Student Loan
Home Equity Loan
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Who agrees to repay a debt if the borrower cannot?
Authorized Signer
Private Lender
Co-Signer
Secured Creditor
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is an asset pledged for loan repayment?
Interest
Credit Card
Collateral
Digital Wallet
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What type of interest is earned on both principal and previously earned interest?
Simple Interest
Compound Interest
Fixed Interest
Mortgage
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