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Credit Terms #2
Test Description: Reinforce
Instructions: Answer all questions to get your test result.
1) 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 Debt
B
Credit reporting agency
C
Consumer Credit Counseling Services
D
Credit Rating
2) A loan taken out against a line of credit or credit card, typically imposing higher-than-normal interest charges.
A
Payday Loans
B
Credit Rating
C
Cash Advances
D
Charge Cards
3) 1. Forced or voluntary surrender of purchased merchandise to its owner or seller by its buyer, due to his or her inability to pay. 2. Legal process by which a lender takes possession of assets or property pledged as collateral in case of borrower def
A
Repossession
B
Secured Loan
C
Liquidation
D
Pawn Shop
4) 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 reporting agency
B
Credit History
C
Credit Rating
D
Credit Report
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
Consumer Debt
B
Secured Loan
C
Co-signed Loan
D
Unecured Loan
6) When 2 or more loans is consolidated into one new loan with a longer repayment term and lower monthly payments
A
Payday Loans
B
Consolidation Loans
C
Liquidation
D
Co-signed Loan
7) Legislation passed in some countries, such as the Home Mortgage Disclosure Act of 1968 and Consumer Credit Protection Act of 1969 in the US. Under these laws a lender must, clearly and conspicuously, reveal all the key details of a home mortgage or c
A
Credit Rating
B
Credit reporting agency
C
Predatory Lending
D
Truth in Lending Act 1968
8) The process of taking possession of a mortgaged property (home or business) as a result of the mortgagor's failure to keep up mortgage payments
A
Credit Card
B
Usury
C
Mortgage
D
Foreclosure
9) Exorbitant or unusually high rates of interest
A
Mortgage
B
Default
C
Title
D
Usury
10) Interest rate that changes over the term of a loan on the basis of changes in an index that reflects changes in the market rates of interest.
A
Variable Interest rate
B
Fixed interest rate
C
Credit Report
D
Credit History
*select an answer for all questions
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