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Debt Quiz

Finance for Teens
Debt for Teens
Debt Quiz

Are You Money Smart about Debt?

Let’s take a quiz to see if you’ve learned everything you need to know about debt.

Debt Quiz

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Question 1 of 10

1. Question

What type of credit card can you get without a credit check?

Unsecured credit card
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Secured credit card
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Rewards credit card
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Low-APR credit card
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Question 2 of 10

2. Question

True or false: A down payment is a cash deposit you use as collateral to secure an auto loan.

True
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False
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Question 3 of 10

3. Question

True or false: If you pay off all the charges you make on a credit card every month, interest charges will never apply.

True
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False
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Question 4 of 10

4. Question

If you have a $5,000 debt with a 10% APR, how much would the interest charges be for one year?

$5
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$50
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$100
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$500
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Question 5 of 10

5. Question

APR stands for:

Applied percentage rate
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Actual point range
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Annual percentage rate
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Added point range
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Question 6 of 10

6. Question

Which of these options will stop payments on federal student loans for a set time without and penalties?

Deferment
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Loan forgiveness
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Down payment
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Collateral
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Question 7 of 10

7. Question

True or false: The payments on installment credit are the same each month.

True
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False
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Question 8 of 10

8. Question

How do you apply for federal student loans?

You apply through your bank
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You apply through the college you want to attend
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You apply by completing a FAFSA
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Your parents apply for you
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Question 9 of 10

9. Question

What does it mean if your car is repossessed?

The bank buys your car back from you
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The lender takes the car back because you didn’t pay your loan
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You trade the car in at the dealership to get a new car
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You get a new loan on the car
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Question 10 of 10

10. Question

True or false: If you carry a balance on a credit card from one month to the next, interest charges get added at the end of each month.

True
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False
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