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Credit Vocabulary

Quiz by Darla McGuire

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67 questions
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  • Q1

    Capacity (Can you afford it?); Character (Do you pay back your debts? Credit Score?), & Collateral (Is there any? If so, what is it? Will it cover the cost?)

    3 C's of Credit

    30s
  • Q2

    A financial organization that specializes in automobile loans to consumers.

    Auto Finance Company

    30s
  • Q3

    Dealing with liquidation; provides for a court-appointed interim trustee to make management changes, arrange unsecured financing, and generally operate the debtor business to prevent loss.

    Chapter 7 Bankruptcy

    30s
  • Q4

    deals with the reorganization of businesses; provides that, unless the court rules otherwise, the debtor remains in possession of the business and in control of its operation

    Chapter 11 Bankruptcy

    30s
  • Q5

    deals with debt adjustment or reorganization for individuals, allows people to put forward a plan to repay creditors over time, usually from future income

    Chapter 13 Bankruptcy

    30s
  • Q6

    The act of withdrawing cash against your credit limit through the use of your credit card. These should only be used for emergencies due to the high fee and high APR charged. These can be completed at an ATM, bank, or - in some cases - over the phone.

    Cash Advance

    30s
  • Q7

    A type of credit card enables the cardholder to make purchases paid by the card issuer, to whom the cardholder becomes indebted. 

    Charge Card

    30s
  • Q8

    A form of debt refinancing that entails taking out one loan to pay off many others. 

    Consolidation Loan

    30s
  • Q9

    A nonprofit agency that gives credit counseling for budgets, debt management plans, and offers money management workshops. Working with a credit counselor can be a great way of getting free or low-cost financial advice from a trusted professional.

    Consumer Credit Counseling Services (CCCS)

    30s
  • Q10

    debt that has been incurred primarily for the purchase of consumer goods

    consumer debt

    30s
  • Q11

    The financial institution that actually provides you with a credit card. They decide whether to approve your application and determine your credit card limit, annual fee, interest rate, and other terms. They pay the merchants on your behalf and then you pay them when your bill is due -- either in full, partial payment, or minimum due.

    credit card companies

    30s
  • Q12

    provides individuals with revolving open-end credit, which they can draw from repeatedly up to some preset limit

    credit cards

    30s
  • Q13

    A company that collects information from various sources and provides consumer credit information on individual consumers for a variety of uses. It is an organization providing information on individuals' borrowing and bill paying habits.

    Credit Reporting Agency

    30s
  • Q14

    Is a fellowship of men and women who share their experience, strength, and hope with each other that they may solve their common problem and help others to recover from compulsive debting. The only requirement for membership is a desire to stop incurring unsecured debt.

    Debtors Anonymous

    30s
  • Q15

    The date on which a financial obligation must be repaid

    Due Date

    30s

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