

Unit 5: Managing Credit Vocabulary
Flashcard
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Medium
Jacqueline Berecz
Used 1+ times
FREE Resource
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46 questions
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1.
FLASHCARD QUESTION
Front
Amounts Owed
Back
How much you owe each creditor individually and in total; 30% of your credit score is based on this.
2.
FLASHCARD QUESTION
Front
Annual Percentage Rate (APR)
Back
The cost you pay each year to borrow money, including fees, expressed as a percentage.
3.
FLASHCARD QUESTION
Front
Authorized User
Back
A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill.
4.
FLASHCARD QUESTION
Front
Bankruptcy
Back
A legal proceeding carried out to allow individuals or businesses freedom from their debts, while simultaneously providing creditors an opportunity for repayment.
5.
FLASHCARD QUESTION
Front
Buy, Borrow, Die Strategy
Back
A tax strategy used by wealthy Americans that involves taking out low-interest loans to use as income.
6.
FLASHCARD QUESTION
Front
Chapter 7 Bankruptcy
Back
A type of bankruptcy for people and businesses with limited incomes, which sells off their assets to repay their debts. It is also known as 'liquidation bankruptcy'.
7.
FLASHCARD QUESTION
Front
Chapter 13 Bankruptcy
Back
A type of bankruptcy for people who can afford monthly payments, which allows them to keep their assets. It is also known as 'reorganization bankruptcy'.
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