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CREDITS - LIFE SKILLS 2BGU
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Which of the following is NOT a common type of credit?
 
Grant ("Bono")
 
Mortgage ("Hipoteca")
 
Student loan
 
Auto loan
What is a "secured" credit card?
 
A card that requires collateral
 
A card with no credit limit
 
A card that can only be used in one store
 
A card that offers free gifts
What does the phrase "annual percentage rate (APR)" represent?
 
The interest rate plus any fees on a loan
 
The total income of a person during a year
 
The amount you owe on your credit card in a year
 
The cost of groceries
Which action can help you build a positive credit history?
 
Making on-time payments
 
Keeping credit card balances high
 
Missing payments
 
Ignoring your credit report
What is the term for the fee charged by a lender for borrowing money?
 
Interest
 
Donation
 
Discount
 
Bonus
What should you consider before applying for credit?
 
Your creditworthiness and ability to repay
 
Your horoscope
 
The weather forecast
 
Your favorite financial movie
Which financial institution is commonly associated with providing credit to consumers?
 
Bank
 
Grocery store
 
High School
 
Library
What type of interest do you typically pay when you borrow money using credit?
 
Compound interest
 
Positive interest
 
Zero Interest
 
None of the above
What is the consequence of missing a credit card payment?
 
Your credit score may decrease
 
You receive a free gift
 
Your credit score improves
 
You get into jail :(
Which term refers to the maximum amount of credit a lender is willing to extend to a borrower?
 
Credit limit
 
Savings goal
 
Interest rate
 
Withdrawal fee
When you make timely payments on a credit card, what can happen to your credit score?
 
It improves
 
It decreases
 
It becomes colorful
 
They give you free money
What is a "credit score" used for?
 
Evaluating your borrowing risk
 
Determining your favorite color
 
Measuring your physical fitness
 
Rating your cooking skills
Which of the following is an example of a credit account?
 
A loan from a bank
 
A savings account
 
A checking account
 
A piggy bank
When you use a credit card to make a purchase, you are essentially:
 
Borrowing money from the bank
 
Spending your own money
 
Borrowing money from a friend
 
Investing in stocks
What does the term "Credit" mean in financial terms?
 
Money you owe
 
Money you earn
 
Money you save
 
Money you lend
What is "Interest"?
 
The cost of borrowing money
 
Money borrowed
 
Money owed
 
The total income of a person
What is a "Lender"?
 
A person who lends money
 
A person who owes money
 
A person who earns money
 
A person who saves money
Who is a "Borrower"?
 
A person who owes money
 
A person who lends money
 
A person who saves money
 
A person who earns money
What does the term "Credit" refer to?
 
Money you owe
 
Money you lend
 
Money you save
 
Money you earn
Tell us 1 disadvantage of having a credit
...
Tell us 1 advantage of having a credit
...
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