Credit Review Question Preview (ID: 44837)


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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) Credit
b) Loan
c) revolving credit
d) collateral

Loan used to finance a specific purchase for a specific amount of time’ regular payments pay the interest and portion of the principal.
a) collateral
b) secured loan
c) term
d) installment loan

Debt NOT tied to a specific asset or that cannot be repossessed if payments are not made.
a) credit
b) unsecured debt
c) secured debt
d) interest rate

Debt tied to a specific tangible asset that can be used as collateral and reposed if payments are not made.
a) unsecured debt
b) principal
c) interest rate
d) secured debt

Something valuable that the lender can take as payment if you can’t pay back your loan (like a house or car).
a) term
b) loan
c) mortgage
d) collateral

The amount of time you have to repay your principal.
a) term
b) interest rate
c) loan
d) secured debt

The amount you borrow.
a) credit
b) term
c) principal
d) installment loan

The percentage charged for the privilege of borrowing money.
a) loan
b) credit
c) interest rate
d) principal

An agreement where you are credited with a fixed amount (usually of money) for a fixed period of time, usually with interest.
a) credit
b) principal
c) loan
d) term

Any arrangement where you get “stuff” (money, goods, services), and agree to pay for it in the future.
a) loan
b) credit
c) term
d) interest rate

A credit card is an example of
a) revolving credit
b) installment loan
c)
d)

An Auto loan is an example of
a) installment loan
b) revolving credit
c)
d)

A mortgage is an example of
a) secured debt
b) unsecured debt
c)
d)

With a variable rate interest rates _____
a) interest rates can change during duration of the loan
b) interest rates remain constant during duration of the loan
c)
d)

A mortgage is an example of
a) secured debt
b) unsecured debt
c)
d)

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) secured debt
b) unsecured debt
c) installment loan
d) revolving credit

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