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Ramsey Lesson 4
Test Description: Credit and debt
Instructions: Answer all questions to get your test result.
1) the fee a credit card company charges for the use of their credit card
A
annual fee
B
credit fee
C
late fee
D
interest fee
2) the maximum amount of money the lender is willing to loan to an applicant
A
maximum apr
B
transfer capacity
C
balance limit
D
credit limit
3) the total cost of using credit including interest and fees
A
players fee
B
cost of credit
C
interest fee
D
finance charge
4) the charge for setting up a loan (often associated with home loans)
A
origination fee
B
interest fee
C
principal fee
D
founders fee
5) the length of time you have to pay the loan (Remember, the longer the loan, the lower your monthly payment and the greater the interest paid.)
A
Loan Term
B
balance length
C
mortgage
D
origination length
6) the length of time that the lender charges no interest on money borrowed when you pay off your balance in full each month
A
Grace Period
B
mortgage length
C
cash time
D
monthly term
7) the cost of the loan each year expressed as a percentage (All lenders are required by law to calculate APR the same way.)
A
APY
B
interest rate
C
Annual Percentage Rate
D
cost of doing business (codb)
8) lower interest rate offered by credit card companies, usually for a short period of time, to entice you to sign up for credit with them (Eventually, the introductory rate expires and a new increased rate takes effect.)
A
grace rate
B
Introductory Rate
C
beginner rate
D
bait and switch
9) which of the following is a credit reporting agency?
A
experian
B
gracemed
C
transportation inc
D
united
10) which of these says .... i love credit!
A
cash balance
B
credit score
C
bank balance
D
credit card
11) when you pay off the smallest debt you have and work up to the largest one, it is called the debt ...
A
snowball
B
elephant
C
bulldozer
D
momentum
12) which of the following is one of the foundations from Ramsey
A
pay $100 more than the minimum balance on your credit card
B
go to college
C
save $500 in an emergency account
D
buy a junky car
13) which of the following % rates can you expect to pay for a credit card?
A
5-10%
B
30-40%
C
20-25%
D
12-17%
14) the original amount of a loan; the total amount borrowed before interest
A
Interest
B
Equity
C
Principal
D
Balance
15) the additional cost a lender charges for borrowing their money
A
Mortgage
B
Equity
C
Interest
D
Principal
16) the amount of time, in months, that you’ll be making payments
A
Mortgage
B
Limit
C
Term
D
Balance
17) the loss of value of an asset over time
A
Depreciation
B
Negative Equity
C
Negative Return
D
Underwater Asset
18) when the value of an asset falls below what is owed on it
A
Negative Balance
B
Underwater
C
Negative Equity
D
Depreciation
*select an answer for all questions
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