Credit and Loans

Credit and Loans

Assessment

Flashcard

Other

9th Grade

Hard

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29 questions

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1.

FLASHCARD QUESTION

Front

Over time, people who pay off their credit card balance in full every month will pay less in interest on their credit card.

Back

True

2.

FLASHCARD QUESTION

Front

This type of loan is low interest, less risky for the lender and requires collateral.

Back

Secured Loans

3.

FLASHCARD QUESTION

Front

An example of an unsecured loans: Auto Loans, Mortgage loans, Credit Cards, Personal Loans

Back

Credit Cards, Personal Loans

4.

FLASHCARD QUESTION

Front

This is an open line of credit that can be used for any purchases as long as your under the credit limit. Payment amounts vary each pay period based on the size of the debt.

Back

Revolving Credit

5.

FLASHCARD QUESTION

Front

What is a credit score?

Back

A number or a grade, between 300–850 that allows a potential lender, vendor, etc. assess if a consumer is credit worthy.

6.

FLASHCARD QUESTION

Front

The yearly rate that is charged for borrowing from a lender

Back

Annual Percentage Rate (APR)

7.

FLASHCARD QUESTION

Front

Interest is:

Back

The amount owed for borrowing money

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