6.2 Banking Flashcard
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Hard
Wayground Content
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26 questions
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1.
FLASHCARD QUESTION
Front
What is a "secured loan" and what are its key characteristics?
Back
A loan that requires collateral and has lower interest rates.
2.
FLASHCARD QUESTION
Front
What does FDIC stand for?
Back
Federal Deposit Insurance Corporation
3.
FLASHCARD QUESTION
Front
What does NCUA stand for?
Back
National Credit Union Administration
4.
FLASHCARD QUESTION
Front
What does "collateral" mean in the context of borrowing?
Back
An asset pledged for a loan
5.
FLASHCARD QUESTION
Front
Define "APR" and discuss how it influences the cost of borrowing.
Back
APR stands for Annual Percentage Rate and it represents the annual cost of borrowing including interest and fees.
6.
FLASHCARD QUESTION
Front
What is a "credit score," and how is it calculated?
Back
A numerical expression based on a level analysis of a person's credit files, representing the creditworthiness of an individual.
7.
FLASHCARD QUESTION
Front
What is an "installment loan"?
Back
A loan that is repaid over time with a set number of scheduled payments
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