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Period 3: Unit 5( 6) Quiz- Credit and Debts Management(25 Q)

Quiz by Teresa

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25 questions
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  • Q1
    a specific type of loan that is used to buy real estate
  • Q2
    something pledged as security for repayment of a loan, to be forfeited in the event of a default.
  • Q3
    Organize debt by lowest to highest and pay the smallest debt first
    Snowball Method
  • Q4
    A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first
    High Rate or Avalanche method
  • Q5
    occurs when there is some meaningful interference with an individual's possessory interest in that property by the government.
    Seizure of property
  • Q6
    A process that requires an employer to withhold a portion of an employee's paycheck to pay a court-ordered debt settlement.
    wage garnishment
  • Q7
    The seizure of property from borrowers who are unable to repay their loans
  • Q8
    Taking away property due to failure to make loan or credit payments
  • Q9
    A schedule that details each loan payment's allocation between principal and interest and the beginning and ending loan balances.
    amortization schedule
  • Q10
    A mortgage in which the interest rate does not change during the entire term of the loan.
    Fixed Mortgage
  • Q11
    a mortgage for which the interest rate changes in response to the movement of interest rates in the economy as a whole
    Adjusted Rate Mortgage (ARM)
  • Q12
    the process of obtaining a new mortgage on a home to get a lower interest rate
  • Q13
    a loan based on the difference between the current market value of a home and the amount the borrower owes on the mortgage
    home equity loan
  • Q14
    A mortgage loan, usually in second position, that allows the borrower to obtain cash drawn against the equity of his home, up to a predetermined amount.
    Home Equity Line of Credit
  • Q15
    to borrow money to invest

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