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Credit Terms #3
Test Description: Reinforce
Instructions: Answer all questions to get your test result.
1) 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
Foreclosure
B
Mortgage
C
Usury
D
Title
2) Usury
A
Credit Report
B
Credit Card
C
Credit History
D
Credit Rating
3) Total cost of borrowing, including interest charges, commitment fees, and other charges paid by the borrower
A
Finance charge
B
Balance Owed
C
Charge Cards
D
Foreclosure
4) 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
Repossession
B
Title
C
Secured Loan
D
Liquidation
5) Legal procedure for liquidating a business (or property owned by an individual) which cannot fully pay its debts out of its current assets.
A
Usury
B
Default
C
Pawn Shop
D
Bankruptcy
6) The rate of interest you pay on a loan that is fixed for a set period of time
A
Credit History
B
Variable Interest rate
C
Credit Report
D
Fixed interest rate
7) 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
Usury
B
Title
C
Default
D
Mortgage
8) 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
Secured Loan
B
Payday Loans
C
Co-signed Loan
D
Unsecured Loan
9) Standard-size plastic token, with a magnetic stripe that holds a machine readable code use for purchases
A
Credit History
B
Credit Rating
C
Credit Card
D
Credit Report
10) 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 Card
B
Credit Report
C
Credit History
D
Credit Rating
*select an answer for all questions
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