Unit 4 Credit Review: Question Preview (ID: 3827)

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This is usually seen on credit card statements to represent the actual dollar cost of using credit to maintain a balance.
a) annual percentage rate
b) annual fee
c) late fee
d) finance charge

A penalty on all types of credit for making a payment after its due date
a) late fee
b) principal
c) finance charge
d) annual fee

A detailed record of your personal credit and financial transactions
a) principal
b) credit report
c) credit limit
d) credit

A legal process to get out of debt when you can no longer make all your required payments
a) debt
b) origination fee
c) bankruptcy
d) interest

On a credit card, the length of time you have before you start accumulating interest on an unpaid balance
a) credit limit
b) annual percentage rate
c) credit score
d) grace period

An amount that credit card companies can charge for the use of a credit card.
a) annual fee
b) late fee
c) finance charge
d) origination fee

A charge for a loan, usually calculated as a percentage of the principal.
a) finance charge
b) annual fee
c) interest
d) origination fee

A rating used by credit reporting agencies to help lenders decide whether and how much credit can be extended to a borrower
a) credit report
b) credit score
c) credit limit
d) principal

Amount of money, or something of value, that is loaned on trust and with the expectation that it will be repaid at a later date.
a) debt
b) interest
c) credit
d) principal

The amount of money someone is willing to loan you; the amount that is still owed on the loan.
a) interest
b) credit
c) debt
d) principal

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