Credit & Debt in Personal Finance


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question 1 of 3

The cost of using credit is the _____.

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1. Once a credit is used, it _____.

2. John has just paid off the full balance of his credit card. What happens to the debt?

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About This Quiz & Worksheet

The quiz and worksheet will measure your understanding of credit and debt. Some of the subjects you will need to understand in order to successfully complete the quiz include what happens when the full balance of a credit card is paid and what happens when credit is used.

Quiz & Worksheet Goals

Utilize the following worksheet and quiz to comprehend:

  • The term referring to an amount of money that is owed
  • What happens when a credit card is paid in full
  • When a debt is repaid to a car dealership
  • Borrowing money
  • What happens when credit is used

Skills Practiced

The following abilities will be evaluated in the quiz and worksheet:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on credit and debt
  • Knowledge application - use your knowledge to answer a question about the amount of money that is owed to an institution
  • Information recall - access the knowledge you've gained regarding the act of borrowing money from an institution

Additional Learning

To understand information about personal finance, review the related lesson called Credit & Debt in Personal Finance. The lesson includes the following objectives:

  • Identify the difference between credit and debt
  • Learn about how financial institutions determine the use of credit
  • Review the benefits and consequences of credit, such as interest rates
  • Recall the benefits and consequences of debt