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Credit Debt
Test Description: How to stay away from the monster
Instructions: Answer all questions to get your test result.
1) A plastic card used to buy goods or services using debt
A
car loan
B
debit card
C
student loan
D
credit card
2) Financial aid that does not need to be repaid because it's generally based on financial need
A
interest
B
credit score
C
grant
D
scholarship
3) the charge for borrowed money
A
finance rate
B
dividend
C
interest
D
credit
4) a person or company who loans money
A
debt collector
B
school
C
lendor
D
debtor
5) an assigned number to signal to lenders a person's ability to repay a loan
A
grant
B
scholarship
C
work study
D
credit score
6) educational loans at a lower interest rate with payments starting when you are finished with school
A
car loan
B
scholarship
C
student loan
D
grant
7) The Federal Fair Credit Reporting Act of 1970 protects us by...
A
allowing others to look at our credit report
B
setting our financial goals
C
telling us how to get out of debt
D
making sure the report is accurate
8) The best way to buy a car is...
A
ask your grandparents to cosign a loan for the car
B
save up and pay cash for a car in your price range
C
borrow money from your parents and promise to pay them back
D
save up a down payment and finance the rest of the car
9) What does the FICO score measure?
A
your investments
B
your checking account balance
C
your savings account balance
D
your debt history
10) recommended steps for getting out of debt include
A
sell something of value
B
stop saving money
C
quit your job
D
borrow money to pay off debt
11) How much of the average person's income is sent back to pay for debt?
A
10%
B
35%
C
50%
D
25%
12) Debt collectors have to follow certain laws. Which is a law they have to follow?
A
agreeing on a repayment schedule
B
calling you at work only
C
threatening you will go to jail
D
using swear words to threaten you
13) Paying off your debt from the smallest to the largest is known as
A
being in debt
B
debt collecting
C
debt snowball
D
attacking debt
14) Paying with cash
A
is worse than paying with a credit card
B
raises your debt
C
may lower the price of things you buy
D
may increase your interest rate
*select an answer for all questions
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