Ch 4 Credit (Summative) Flashcard
Flashcard
•
Life Skills
•
12th Grade
•
Practice Problem
•
Hard
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25 questions
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1.
FLASHCARD QUESTION
Front
Something that credit card commercials don’t show you is . . .
Back
People making payments for months or years on those credit card purchases
2.
FLASHCARD QUESTION
Front
When a homeowner takes out a home equity line of credit (HELOC), that loan can only be used for home repairs and renovations.
Back
False
3.
FLASHCARD QUESTION
Front
Banks and lenders use credit scores to determine . . .
Back
The likelihood that someone is able to repay debt
4.
FLASHCARD QUESTION
Front
_______________ require the borrower to put up collateral for the loan.
Back
Secured loans
5.
FLASHCARD QUESTION
Front
There are certain things, like renting a car or booking a hotel room, that you cannot do without having a credit card.
Back
True
6.
FLASHCARD QUESTION
Front
Leasing a car is a method of financing where someone __________.
Back
Makes monthly payments on but does not own the vehicle
7.
FLASHCARD QUESTION
Front
Which is an example of an appreciating asset? Options: A computer used for business purposes, A new car purchased within the past 6 months, A piece of farming equipment, A home
Back
A home
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