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Credit Review
Test Description: Credit review
Instructions: Answer all questions to get your test result.
1) Open line of credit that can be used for any purchases as long as you’re under the limit; payments vary monthly based on size of the debt.
A
revolving credit
B
collateral
C
Credit
D
Loan
2) Loan used to finance a specific purchase for a specific amount of time’ regular payments pay the interest and portion of the principal.
A
secured loan
B
installment loan
C
term
D
collateral
3) Debt NOT tied to a specific asset or that cannot be repossessed if payments are not made.
A
unsecured debt
B
secured debt
C
credit
D
interest rate
4) Debt tied to a specific tangible asset that can be used as collateral and reposed if payments are not made.
A
unsecured debt
B
secured debt
C
principal
D
interest rate
5) Something valuable that the lender can take as payment if you can’t pay back your loan (like a house or car).
A
collateral
B
loan
C
term
D
mortgage
6) The amount of time you have to repay your principal.
A
term
B
secured debt
C
loan
D
interest rate
7) The amount you borrow.
A
term
B
credit
C
installment loan
D
principal
8) The percentage charged for the privilege of borrowing money.
A
credit
B
interest rate
C
loan
D
principal
9) An agreement where you are credited with a fixed amount (usually of money) for a fixed period of time, usually with interest.
A
principal
B
credit
C
term
D
loan
10) Any arrangement where you get “stuff” (money, goods, services), and agree to pay for it in the future.
A
term
B
interest rate
C
loan
D
credit
11) A credit card is an example of
A
installment loan
B
revolving credit
12) An Auto loan is an example of
A
installment loan
B
revolving credit
13) A mortgage is an example of
A
unsecured debt
B
secured debt
14) With a variable rate interest rates _____
A
interest rates remain constant during duration of the loan
B
interest rates can change during duration of the loan
15) A mortgage is an example of
A
unsecured debt
B
secured debt
16) Which refers to an open line of credit that can be used for any purchase as long as you're under the credit limit
A
revolving credit
B
secured debt
C
installment loan
D
unsecured debt
*select an answer for all questions
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