Credit Terms #3: Question Preview (ID: 18386)

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A legal agreement that conveys the conditional right of ownership on an asset or property by its owner (the mortgagor) to a lender (the mortgagee) as security for a loan.
a) Mortgage b) Foreclosure c) Title d) Usury
a) Credit Card b) Credit Rating c) Credit Report d) Credit History
Total cost of borrowing, including interest charges, commitment fees, and other charges paid by the borrower
a) Charge Cards b) Foreclosure c) Finance charge d) Balance Owed
Winding up of a firm by selling off its free (un-pledged) assets to convert them into cash to pay the firm's unsecured creditors. (The secured creditors take control of the respective pledged assets on obtaining foreclosure orders).
a) Liquidation b) Title c) Secured Loan d) Repossession
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) Usury c) Default d) Pawn Shop
The rate of interest you pay on a loan that is fixed for a set period of time
a) Fixed interest rate b) Credit History c) Variable Interest rate d) Credit Report
Union of the legal rights of ownership, possession, and custody, evidenced by a legal document (instrument) such as a bill of sale, certificate of title, or title deed. A legal title empowers its holder to control and dispose of the property and serv
a) Mortgage b) Default c) Title d) Usury
Loan extended only on the basis of the borrower's financial position, creditworthiness, credit history, and general reputation. The borrower signs a promissory not but does not pledge any specific asset(s) as collateral. Also called character loan, g
a) Co-signed Loan b) Unsecured Loan c) Secured Loan d) Payday Loans
Standard-size plastic token, with a magnetic stripe that holds a machine readable code use for purchases
a) Credit Card b) Credit Rating c) Credit History d) Credit Report
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 Card c) Credit History d) Credit Rating
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