Understanding Debt
A worksheet for grade 9 social studies students to understand different types of debt, its implications, and responsible borrowing practices.
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Understanding Debt
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Read each question carefully and answer to the best of your ability. This worksheet will help you understand the concept of debt and its impact on individuals and the economy.
1. What is debt?
Money you have saved
Money owed to another party
Money you have invested
Money received as a gift
2. Which of the following is an example of secured debt?
Credit card debt
Student loan debt
Mortgage
Personal loan
3. The money borrowed is called the .
4. is the additional cost of borrowing money.
5. All debt is bad debt.
True
False
6. A good credit score can make it easier to borrow money in the future.
True
False
7. Explain the difference between good debt and bad debt, providing an example for each.
Use the words below to complete the sentences.
8. When applying for a loan, lenders often look at your to assess your creditworthiness.
9. A high means you will pay more to borrow money.