Credit Debt: Question Preview (ID: 32722)

Below is a preview of the questions contained within the game titled CREDIT DEBT: How To Stay Away From The Monster .To play games using this data set, follow the directions below. Good luck and have fun. Enjoy! [print these questions]

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A plastic card used to buy goods or services using debt
a) car loan
b) student loan
c) credit card
d) debit card

Financial aid that does not need to be repaid because it's generally based on financial need
a) credit score
b) interest
c) scholarship
d) grant

the charge for borrowed money
a) dividend
b) interest
c) finance rate
d) credit

a person or company who loans money
a) debtor
b) lendor
c) school
d) debt collector

an assigned number to signal to lenders a person's ability to repay a loan
a) scholarship
b) grant
c) work study
d) credit score

educational loans at a lower interest rate with payments starting when you are finished with school
a) scholarship
b) grant
c) student loan
d) car loan

The Federal Fair Credit Reporting Act of 1970 protects us by...
a) setting our financial goals
b) allowing others to look at our credit report
c) making sure the report is accurate
d) telling us how to get out of debt

The best way to buy a car is...
a) borrow money from your parents and promise to pay them back
b) save up a down payment and finance the rest of the car
c) ask your grandparents to cosign a loan for the car
d) save up and pay cash for a car in your price range

What does the FICO score measure?
a) your savings account balance
b) your checking account balance
c) your debt history
d) your investments

recommended steps for getting out of debt include
a) borrow money to pay off debt
b) sell something of value
c) stop saving money
d) quit your job

How much of the average person's income is sent back to pay for debt?
a) 10%
b) 25%
c) 35%
d) 50%

Debt collectors have to follow certain laws. Which is a law they have to follow?
a) using swear words to threaten you
b) calling you at work only
c) threatening you will go to jail
d) agreeing on a repayment schedule

Paying off your debt from the smallest to the largest is known as
a) debt collecting
b) debt snowball
c) being in debt
d) attacking debt

Paying with cash
a) may lower the price of things you buy
b) raises your debt
c) is worse than paying with a credit card
d) may increase your interest rate

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