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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
Define credit in your own words.
💡 Hint: Think about how you might use credit in everyday life.
Question 2
Easy
What are the 4Cs of credit?
💡 Hint: These are factors lenders consider.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is credit?
- A loan with interest
- Borrowing money to repay later
- An investment strategy
💡 Hint: Think about when you might buy something you can't afford outright.
Question 2
True or False: Collateral is an example of what the lender might ask for as security for a loan.
- True
- False
💡 Hint: Consider what happens if the loan isn't repaid.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A family takes out a credit card with a limit of $5,000. They have a monthly income of $4,000 and spend $3,000 on living expenses. What factors should the family consider before utilizing their credit card, and how much of their monthly income would ideally remain available for repayment?
💡 Hint: Evaluate how spending might impact savings and future budgets.
Question 2
Consider a family applying for a mortgage. They have a good character but very little capital and are worried about their stability. What should they do to improve their chances of getting the mortgage?
💡 Hint: Think about ways families can strengthen their financial profile.
Challenge and get performance evaluation