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Period 5-Unit 6 Quiz- Credit and Debts Management

Quiz by Teresa

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33 questions
Show answers
  • Q1
    a specific type of loan that is used to buy real estate
    mortgage
    30s
  • Q2
    something pledged as security for repayment of a loan, to be forfeited in the event of a default.
    collateral
    30s
  • Q3
    It is the amount of money you have borrowed and paid back with interest.
    debt
    30s
  • Q4
    It is the amount that is available for you to borrow based on your credit score.
    Credit
    30s
  • Q5
    It has a lower interest rates and it is considered an investement for the future
    Good Debt
    30s
  • Q6
    It has a higher interest rates and it can be prevented with smart use of money
    Bad debt
    30s
  • Q7
    Organize debt by lowest to highest and pay the smallest debt first
    Snowball Method
    30s
  • Q8
    A method of debt repayment whereby the borrower prioritizes paying down debts with the highest interest rates first
    High rate method
    30s
  • Q9
    occurs when there is some meaningful interference with an individual's possessory interest in that property by the government.
    Seizure of property
    30s
  • Q10
    A process that requires an employer to withhold a portion of an employee's paycheck to pay a court-ordered debt settlement.
    wage garnishment
    30s
  • Q11
    The seizure of property from borrowers who are unable to repay their loans
    Foreclosure
    30s
  • Q12
    Taking away property due to failure to make loan or credit payments
    Repossession
    30s
  • Q13
    A schedule that details each loan payment's allocation between principal and interest and the beginning and ending loan balances.
    amortization schedule
    30s
  • Q14
    A mortgage in which the interest rate does not change during the entire term of the loan.
    Fixed Mortgage
    30s
  • Q15
    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)
    30s

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