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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
Credit Rating
B
Consumer Credit Counseling Services
C
Credit reporting agency
D
Consumer Debt
2) A loan taken out against a line of credit or credit card, typically imposing higher-than-normal interest charges.
A
Cash Advances
B
Credit Rating
C
Payday Loans
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
Liquidation
C
Pawn Shop
D
Secured Loan
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 Rating
B
Credit History
C
Credit Report
D
Credit reporting agency
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
Liquidation
B
Co-signed Loan
C
Payday Loans
D
Consolidation Loans
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
Truth in Lending Act 1968
B
Credit reporting agency
C
Credit Rating
D
Predatory Lending
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
Foreclosure
C
Usury
D
Mortgage
9) Exorbitant or unusually high rates of interest
A
Usury
B
Title
C
Mortgage
D
Default
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
Credit History
B
Fixed interest rate
C
Variable Interest rate
D
Credit Report
*select an answer for all questions
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