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3.9D Financial Literacy Flashcards | StudBud

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Credit can be best described as-

When you borrow money, you need to pay it back with interest. This means that you will

3.9D Financial Literacy

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3.9D Financial Literacy

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Questions 7

Answers

1
When you borrow money, you need to pay it back with interest. This means that you will
not pay back anything at all
pay back a greater amount that you borrowed
pay back the same amount you borrowed
pay back a smaller amount that you borrowed
2
Credit can be best described as-
money that is spent
money that is borrowed
money that is earned
gift money
3
Which statement is NOT true about credit-
You are responsible to pay back by a certain date
A lender may loan money, with a signed payment agreement
You may use a credit card and only pay the money borrowed
You often pay interest for the money borrowed
4
If your wants and needs exceed you ability to pay, you can-
take out a loan
eliminate unnecessary expenses
reduce your expenses
all of the above
5
A loan can be best described as -
gift money
money that is borrowed
A and B only
money that must be paid back
6
Which of the following statements about credit is false?
The borrower must pay back money to lender
not here
Credit used when wants and needs exceed the ability to pay
The borrower will pay back more money than borrowed,interest
7
You borrowed $50 from a friend.You pay her $55 . What's the additional $5 you paid?
planned spending
unplanned spending
interest
savings