Credit Debt: Question Preview (ID: 32722)


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A plastic card used to buy goods or services using debt
a) car loan b) student loan c) credit card d) debit card
Financial aid that does not need to be repaid because it's generally based on financial need
a) credit score b) interest c) scholarship d) grant
the charge for borrowed money
a) dividend b) interest c) finance rate d) credit
a person or company who loans money
a) debtor b) lendor c) school d) debt collector
an assigned number to signal to lenders a person's ability to repay a loan
a) scholarship b) grant c) work study d) credit score
educational loans at a lower interest rate with payments starting when you are finished with school
a) scholarship b) grant c) student loan d) car loan
The Federal Fair Credit Reporting Act of 1970 protects us by...
a) setting our financial goals b) allowing others to look at our credit report c) making sure the report is accurate d) telling us how to get out of debt
The best way to buy a car is...
a) borrow money from your parents and promise to pay them back b) save up a down payment and finance the rest of the car c) ask your grandparents to cosign a loan for the car d) save up and pay cash for a car in your price range
What does the FICO score measure?
a) your savings account balance b) your checking account balance c) your debt history d) your investments
recommended steps for getting out of debt include
a) borrow money to pay off debt b) sell something of value c) stop saving money d) quit your job
How much of the average person's income is sent back to pay for debt?
a) 10% b) 25% c) 35% d) 50%
Debt collectors have to follow certain laws. Which is a law they have to follow?
a) using swear words to threaten you b) calling you at work only c) threatening you will go to jail d) agreeing on a repayment schedule
Paying off your debt from the smallest to the largest is known as
a) debt collecting b) debt snowball c) being in debt d) attacking debt
Paying with cash
a) may lower the price of things you buy b) raises your debt c) is worse than paying with a credit card d) may increase your interest rate
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