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Leah is trying to explain the difference between open‐end and closed‐end credit to her roommate. Which statement should she include in her description of closed‐end credit?
David’s credit payments are within the safe range for someone with his income.
Sarah can only obtain a credit card if she has a co‐signer or proof of sufficient income to make the required payments.
When you are borrowing, you are spending future income.
Tyler needs to pay the credit card balance in full every month before the due date listed on the credit card statement.
Equal payments are required on a regular basis until the loan is repaid.
loan based on the value of personal property. The personal property is held until the borrower repays the loan, including an
Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired.
Keep the total amount of money she has borrowed, not including her house, under 20% of her net income.
David earns $5000 per month at his accounting job. He has a student loan payment of $120, a car loan of $300. Which statement is true?
David’s credit payments are within the safe range for someone with his income.
Sarah can only obtain a credit card if she has a co‐signer or proof of sufficient income to make the required payments.
When you are borrowing, you are spending future income.
Tyler needs to pay the credit card balance in full every month before the due date listed on the credit card statement.
Equal payments are required on a regular basis until the loan is repaid.
loan based on the value of personal property. The personal property is held until the borrower repays the loan, including an
Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired.
Keep the total amount of money she has borrowed, not including her house, under 20% of her net income.
Tyler is trying to be responsible in using his new credit card and has heard there is a way to avoid paying interest on the things he charges. How can he LEGALLY avoid paying interest when using his credit card?
David’s credit payments are within the safe range for someone with his income.
Sarah can only obtain a credit card if she has a co‐signer or proof of sufficient income to make the required payments.
When you are borrowing, you are spending future income.
Tyler needs to pay the credit card balance in full every month before the due date listed on the credit card statement.
Equal payments are required on a regular basis until the loan is repaid.
loan based on the value of personal property. The personal property is held until the borrower repays the loan, including an
Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired.
Keep the total amount of money she has borrowed, not including her house, under 20% of her net income.
Sarah will turn 18 next month. She plans to apply for a credit card. Which statement is true?
David’s credit payments are within the safe range for someone with his income.
Sarah can only obtain a credit card if she has a co‐signer or proof of sufficient income to make the required payments.
When you are borrowing, you are spending future income.
Tyler needs to pay the credit card balance in full every month before the due date listed on the credit card statement.
Equal payments are required on a regular basis until the loan is repaid.
loan based on the value of personal property. The personal property is held until the borrower repays the loan, including an
Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired.
Keep the total amount of money she has borrowed, not including her house, under 20% of her net income.
To answer the essay test question about the meaning of open‐end credit, Ryan should include which statement?
David’s credit payments are within the safe range for someone with his income.
Sarah can only obtain a credit card if she has a co‐signer or proof of sufficient income to make the required payments.
When you are borrowing, you are spending future income.
Tyler needs to pay the credit card balance in full every month before the due date listed on the credit card statement.
Equal payments are required on a regular basis until the loan is repaid.
loan based on the value of personal property. The personal property is held until the borrower repays the loan, including an
Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired.
Keep the total amount of money she has borrowed, not including her house, under 20% of her net income.
Evan is writing a scholarship essay about the importance of responsible money management. He wants to explain the meaning of borrowing. Which statement below would explain the importance of understanding the process of borrowing money?
David’s credit payments are within the safe range for someone with his income.
Sarah can only obtain a credit card if she has a co‐signer or proof of sufficient income to make the required payments.
When you are borrowing, you are spending future income.
Tyler needs to pay the credit card balance in full every month before the due date listed on the credit card statement.
Equal payments are required on a regular basis until the loan is repaid.
loan based on the value of personal property. The personal property is held until the borrower repays the loan, including an
Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired.
Keep the total amount of money she has borrowed, not including her house, under 20% of her net income.
The financial counselor that Ariel consulted about her use of credit recommended that she keep her use of credit within safe boundaries. Ariel’s financial counselor most likely told her to:
David’s credit payments are within the safe range for someone with his income.
Sarah can only obtain a credit card if she has a co‐signer or proof of sufficient income to make the required payments.
When you are borrowing, you are spending future income.
Tyler needs to pay the credit card balance in full every month before the due date listed on the credit card statement.
Equal payments are required on a regular basis until the loan is repaid.
loan based on the value of personal property. The personal property is held until the borrower repays the loan, including an
Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired.
Keep the total amount of money she has borrowed, not including her house, under 20% of her net income.
Which is a pawn loan?
David’s credit payments are within the safe range for someone with his income.
Sarah can only obtain a credit card if she has a co‐signer or proof of sufficient income to make the required payments.
When you are borrowing, you are spending future income.
Tyler needs to pay the credit card balance in full every month before the due date listed on the credit card statement.
Equal payments are required on a regular basis until the loan is repaid.
loan based on the value of personal property. The personal property is held until the borrower repays the loan, including an
Credit is extended in advance so the borrower does not have to apply for credit each time credit is desired.
Keep the total amount of money she has borrowed, not including her house, under 20% of her net income.
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