Credit Terms Question Preview (ID: 18324)


Test To Assist Students Memorize Credit Terms. TEACHERS: click here for quick copy question ID numbers.

An item (car, house, motorcycle, etc.) used to represent a loan for money received.
a) Credit Card
b) Title
c) Mortgage
d) Collateral

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

Legal procedure for liquidating a business (or property owned by an individual) which cannot fully pay its debts out of its current assets.
a) Balance Owed
b) Usury
c) Bankruptcy
d) Default

A record of the timely repayment ability of an individual, firm, or debt
a) Credit Report
b) Credit Card
c) Credit History
d) credit rating

Standard-size plastic token, with a magnetic stripe that holds a machine readable code use for purchases
a) Credit Card
b) Charge Cards
c) Credit Report
d) Credit Rating

A loan taken out against a line of credit or credit card, typically imposing higher-than-normal interest charges.
a) Charge Cards
b) Cash Advances
c) Payday Loans
d) Liquidation

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) Co-signed Loan
b) Consumer Debt
c) Unecured Loan
d) Secured Loan

When two or more loans is consolidated into one new loan with a longer repayment term and lower monthly payments
a) Payday Loans
b) Liquidation
c) Consolidation Loans
d) Co-signed Loan

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) Consumer Debt
b) Consumer Credit Counseling Services
c) Credit Rating
d) Credit reporting agency

On a monthly statement the amount of money that you owe.
a) Bankruptcy
b) Finance charge
c) Balance Owed
d) Credit Rating

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 Report
b) Credit Rating
c) Credit History
d) Credit Card

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