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Credit Terms
Test Description: Test to assist students memorize credit terms.
Instructions: Answer all questions to get your test result.
1) Document supplied by a bank or a credit reporting agency that summarizes a person's credit history and present financial position, and notifies about any lien in force or pending judgment(s) against the the business or person.
A
Credit Report
B
Credit Rating
C
Credit History
D
Credit Card
2) On a monthly statement the amount of money that you owe.
A
Finance charge
B
Bankruptcy
C
Balance Owed
D
Credit Rating
3) Organizations specializing in these types of services typically help consumers 1) balance their budgets, 2) manage their money, 3) create a debt management plan (DMP) by negotiating for a lower monthly payment and interest rate with creditors
A
Consumer Credit Counseling Services
B
Credit reporting agency
C
Consumer Debt
D
Credit Rating
4) When two or more loans is consolidated into one new loan with a longer repayment term and lower monthly payments
A
Consolidation Loans
B
Co-signed Loan
C
Payday Loans
D
Liquidation
5) An additional person who signs a loan in an effort to help a person to qualify for a larger loan to purchase something (house or car).
A
Co-signed Loan
B
Consumer Debt
C
Secured Loan
D
Unecured Loan
6) A loan taken out against a line of credit or credit card, typically imposing higher-than-normal interest charges.
A
Charge Cards
B
Payday Loans
C
Cash Advances
D
Liquidation
7) Standard-size plastic token, with a magnetic stripe that holds a machine readable code use for purchases
A
Credit Report
B
Credit Rating
C
Charge Cards
D
Credit Card
8) A record of the timely repayment ability of an individual, firm, or debt
A
credit rating
B
Credit Report
C
Credit History
D
Credit Card
9) Legal procedure for liquidating a business (or property owned by an individual) which cannot fully pay its debts out of its current assets.
A
Bankruptcy
B
Balance Owed
C
Usury
D
Default
10) An item (car, house, motorcycle, etc.) used to represent a loan for money received.
A
Mortgage
B
Title
C
Collateral
D
Credit Card
11) Companies responsible for assigning independent ratings indicating the credit-worthiness of the issuers of securities and other debt obligations, and in some cases of the debt obligations themselves. The higher the number, the better.
A
Credit History
B
Credit reporting agency
C
Credit Rating
D
Credit Report
*select an answer for all questions
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