Unit 11: The Bottom Line On Borrowing Lesson 33: Loans And You Module 114: Expenditures That May Require A Loan: Question Preview (ID: 30351)

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It is the consumer's responsibility to ___________for both planned and unplanned expenses. Saving even a small amount every pay period can help people handle unexpected expenses without going into too much debt.
a) budget
b) high
c) Good Debt
d) Bad Debt

_____requires you to put up property or Collateral to get the Loan
a) Secure Loan
b) Installment Loan
c) pawnshop
d) unsecured loan

provides a fixed amount of money to finance a specific purchase for a set period of time. Monthly payments are required. You know the exact amount of the monthly payment, the number of monthly payments, and the total cost of the loan when you sign th
a) debit card
b) credit card
c) Open-end credit
d) Closed-end credit

provides a line of borrowing that you can use and pay back as you want as long as you pay the minimum balance each month. Credit cards offer a form of revolving credit.
a) Open-end credit
b) Good Debt
c) Revolving credit Cards
d) Closed-end credit

provides loans based on the value of the item used as collateral. When the loan is repaid, the item is returned. If the loan and interest are not repaid, the shop owns the collateral and will sell it to recover the money loaned.
a) Bad Debt
b) pawnshop
c) budget
d) Debit Card: money comes from your checking account

a small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit.
a) 250,000
b) credit card
c) Debit Card
d) Credit limit

is going into debt to buy a home, to finance a small business, or to pay for a college education may lead to improved options in your life.
a) Good Debt
b) Bad Debt
c) Investment
d) budget

An __________ does not require collateral. People get these loans because they have a good credit record.
a) Installment Loan
b) credit card
c) unsecured loan
d) Secure Loan

any loan the you pay over a period of time is called an ____
a) Investment
b) Installment Loan
c) Secure Loan
d) unsecured loan

Think of good debt as an
a) budget
b) 10,000 most notify the treasury
c) 250,000
d) Investment

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