Forms of Credit (Leaving Cert Home Economics): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is a key feature of store cards compared to standard credit cards?
What is a key feature of store cards compared to standard credit cards?
They have higher interest rates
What does 'revolving credit' mean in relation to credit cards?
What does 'revolving credit' mean in relation to credit cards?
Borrow, repay, and borrow again
When does an overdraft facility automatically activate?
When does an overdraft facility automatically activate?
When account balance goes negative
If you borrow £10,000 over 3 years at 5% annual interest, what is the total interest paid?
If you borrow £10,000 over 3 years at 5% annual interest, what is the total interest paid?
£764
What is the key requirement for charge cards?
What is the key requirement for charge cards?
Full balance paid each month
When do you own an item purchased through hire purchase?
When do you own an item purchased through hire purchase?
After all payments are completed
Which example represents an essential purchase according to the note?
Which example represents an essential purchase according to the note?
Car for commuting to work
Why is the interest rate significant when choosing credit?
Why is the interest rate significant when choosing credit?
It significantly affects total cost
Which of these is a common hidden fee in credit agreements?
Which of these is a common hidden fee in credit agreements?
Origination fees
How does using credit responsibly help with future borrowing?
How does using credit responsibly help with future borrowing?
Builds positive credit history
What purchase protection benefit do credit products often provide?
What purchase protection benefit do credit products often provide?
Fraud protection
What is a 'debt spiral' as warned about in the disadvantages section?
What is a 'debt spiral' as warned about in the disadvantages section?
Borrowing from one source to pay another