QUESTION 1

1. Which of the following types of credit are traditionally considered installment loans? Select all that apply.

   		Home equity line of credit (HELOC)
   		Student loan (Federal)
   		Credit card
   		Personal loan (from bank)
   		Payday loan
   		Mortgage
   		Small business loan (from bank)
   		Auto loan

10 points

QUESTION 2

1. Which of the following types of credit are traditionally considered revolving credit? Select all that apply.

   		Auto loan
   		Credit card
   		Mortgage
   		Payday loan
   		Home equity line of credit (HELOC)
   		Personal loan (from bank)
   		Small business loan (from bank)
   		Student loan (Federal)

10 points

QUESTION 3

1. Which of the following types of credit are traditionally considered secured debt? Select all that apply.

   		Auto loan
   		Credit card
   		Mortgage
   		Payday loan
   		Home equity line
   		Personal loan (from bank)
   		Small business loan (from bank)
   		Student loan (Federal)

10 points

QUESTION 4

1. Which of the following types of credit are traditionally considered unsecured debt? Select all that apply.

   		Auto loan
   		Credit card
   		Mortgage
   		Payday loan
   		Home equity line of credit (HELOC)
   		Personal loan (from bank)
   		Small business loan (from bank)
   		Student loan (Federal)

10 points

QUESTION 5

1. Which of the following types of credit are traditionally offered to borrowers with both variable and fixed interest rate options? Select all that apply.

   		Auto loan
   		Credit card
   		Mortgage
   		Payday loan
   		Home equity line of credit (HELOC)
   		Personal loan (from bank)
   		Small business loan (from bank)
   		Student loan (Federal)

10 points

QUESTION 6

1. Which of the following types of credit are traditionally offered to borrowers as only fixed interest rate options? Select all that apply.

   		Auto loan
   		Credit card
   		Mortgage
   		Payday loan
   		Home equity line of credit (HELOC)
   		Personal loan (from bank)
   		Small business loan (from bank)
   		Student loan (Federal)

10 points

QUESTION 7

1. Which of the following types of credit are traditionally offered to borrowers as only variable interest rate options? Select all that apply.

   		Auto loan
   		Credit card
   		Mortgage
   		Payday loan
   		Home equity line of credit (HELOC)
   		Personal loan (from bank)
   		Small business loan (from bank)
   		Student loan (Federal)

10 points

QUESTION 8

1. When applying for credit, it is preferable to receive a high interest rate over a low one.

   True

   False

10 points

QUESTION 9

1. Sometimes, lenders require a downpayment before they extend you a loan. This downpayment serves as collateral making the loan secured in case you default.

   True

   False

10 points

QUESTION 10

1. Variable interest rate loans are dangerous and should be avoided no matter what!

   True

   False