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2 cards from this section. Quick, good the night before a test.
Define credit in your own words.
Think about how you might use credit in everyday life.
What are the 4Cs of credit?
These are factors lenders consider.
What is credit?
Think about when you might buy something you can't afford outright.
True or False: Collateral is an example of what the lender might ask for as security for a loan.
Consider what happens if the loan isn't repaid.
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?
Evaluate how spending might impact savings and future budgets.
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?
Think about ways families can strengthen their financial profile.
4 more questions in this section. Enroll free to practise them all.
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