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Q 1/30
Score 0
A mortgage is an example of closed-end credit.
60
True
False
Q 2/30
Score 0
A loan from a family member is an example of an expensive loan.
60
True
False
30 questions
Q.
A mortgage is an example of closed-end credit.
1
60 sec
Q.
A loan from a family member is an example of an expensive loan.
2
60 sec
Q.
A borrower is a credit cardholder who does not pay off his or her balance in full each month.
3
60 sec
Q.
Consumer credit is the use of credit for business or personal needs.
4
60 sec
Q.
A secured loan is one guaranteed to be repaid through safe collateral.
5
60 sec
Q.
Inflation increases the buying power of money.
6
60 sec
Q.
Equifax is a credit bureau.
7
60 sec
Q.
When you cosign a loan for a friend, you may be responsible to make loan payments if the other person fails to.
8
60 sec
Q.
If you file for Chapter 7 Bankruptcy, you will have to sell most of your assets.
9
60 sec
Q.
One sign of debt problems is using and paying off your credit cards every month.
10
60 sec
Q.
An example of open-end credit is a(n) ____.
11
60 sec
Q.
The interest is tax deductible on a ____.
12
60 sec
Q.
Credit card holders are known as convenience users when they ____.
13
60 sec
Q.
The total dollar amount you pay to use credit is the ____.
14
60 sec
Q.
A higher interest rate is usually the trade-off for a ____.
15
60 sec
Q.
Which of the āfive Cs of creditā require that a personās assets exceed his or her liabilities?
16
60 sec
Q.
A credit bureau is required to follow reasonable procedures to make sure that ____.
17
60 sec
Q.
The following are all consumer credit protection laws EXCEPT the ____.
18
60 sec
Q.
The Consumer Credit Counseling Service offers to ____.
19
60 sec
Q.
In a Chapter 13 bankruptcy, the debtor usually gets to ____.
20
60 sec
Q.
Definition: the maximum amount of money a creditor will allow a credit user to borrow
21
60 sec
Q.
Definition: the cost of credit on a yearly basis, expressed as a percentage
22
60 sec
Q.
Definition: form of security to help guarantee that a creditor will be repaid
23
60 sec
Q.
Definition: the income a person receives
24
60 sec
Q.
Definition: the measure of a personās ability to make credit payments on time
25
60 sec
Q.
Definition: an entity (bank, finance company, credit union, business, or individual) to which money is owed
26
60 sec
Q.
Definition: the ability to borrow money for a variety of goods and services up to a limit set by the company issuing the credit
27
60 sec
Q.
Definition: a last resort legal process in which some or all of the assets of a debtor are distributed among creditors because the debtor is unable to pay his or her debts
28
60 sec
Q.
Definition: an agreement to be responsible for loan payments if another person fails to make them
29
60 sec
Q.
Definition: a time period during which no finance charges are added to a credit card account
