Froggy Jumps Loan and Collateral QuizVersion en ligne Test your knowledge on loans, collateral, and credit terms! Keep playing to practice more Credit Vocabulary. par Kristine Vester 1 What is something that can be taken away if you don’t pay off your loans? a Collateral b Unsecured loans c Credit cards 2 What type of loan has collateral like a mortgage or car loan? a Unsecured loans b Secured loans c Credit cards 3 What type of credit card has collateral that can be taken if you do not pay? a Standard credit card b Unsecured credit card c Secured credit card 4 What is a shop where you can give valuable items for a loan? a Credit unions b Banks c Pawn shops 5 What type of loan is used to buy a house? a Mortgage b Payday loan c Personal loan 6 What happens when you can’t pay your mortgage? a Repossession b Foreclosure c Loan default 7 What is it called when someone takes back an item due to non-payment? a Foreclosure b Collateral seizure c Repossession 8 What document proves ownership and can be used as collateral? a Loan agreement b Title for goods c Credit report 9 What type of loan does not have collateral and charges more if unpaid? a Secured loans b Mortgage c Unsecured loans 10 What is a plastic card used to borrow money for purchases? a Credit cards b Gift cards c Debit cards 11 What is a short-term loan that provides cash up front? a Payday loans b Home equity loans c Cash advances 12 What type of credit allows you to buy and pay later? a Installment loans b Revolving credit c Co-signed loans 13 What type of loan is paid back in monthly payments? a Consolidation loans b Charge cards c Installment loans/credit 14 What is a loan that uses your home's equity as collateral? a Bankruptcy b Home equity loans c Cash advances 15 What is it called when two people are responsible for a loan? a Revolving credit b Co-signed loans c Consolidation loans 16 What combines multiple loans into one for easier payments? a Payday loans b Consolidation loans c Bankruptcy 17 What happens when you cannot pay your debts and the government forgives them? a Cash advances b Bankruptcy c Home equity loans 18 What type of loan can you get until your next payday? a Co-signed loans b Charge cards c Payday loans 19 What is a credit card classified as? a Home equity loans b Charge cards c Installment loans 20 What type of loan has high interest rates and finance charges? a Cash advances b Consolidation loans c Bankruptcy 21 What type of bankruptcy is known as personal bankruptcy? a Chapter 7 b Chapter 11 c Chapter 13 22 Which bankruptcy chapter is specifically for businesses? a Chapter 13 b Chapter 7 c Chapter 11 23 What is the repayment plan bankruptcy called? a Chapter 13 b Chapter 11 c Chapter 7 24 What service provides advice on getting out of debt? a Consumer Credit Counseling Services (CCCS) b Credit Score c Credit Report 25 What does a credit report include? a Loan applications b Credit history and credit score c Bank statements 26 What is a record of repaying loans and bills called? a Credit report b Credit score c Credit history 27 What is the range of a credit rating? a 200-800 b 100-900 c 300-850 28 What credit score is considered low? a Below 600 b Between 600-650 c Above 700 29 What is the number based on your credit history called? a Credit score b Credit report c Credit history 30 What does a higher credit score indicate? a Higher interest rates b More debt c Better credit history
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