
Credit Vocab Review
Flashcard
•
Life Skills
•
9th - 12th Grade
•
Practice Problem
•
Hard
Wayground Content
FREE Resource
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12 questions
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1.
FLASHCARD QUESTION
Front
The process of paying off a debt in regular installments over a period of time is known as _____.
Back
Amortization
2.
FLASHCARD QUESTION
Front
The smallest amount you can pay each month to keep your credit card in good standing is called the _____. However, it's recommended that you pay your balance in full each month.
Back
Minimum Payment
3.
FLASHCARD QUESTION
Front
Amanda has taken out a(n) _____, which has an interest rate that changes based on the market. As a result, her monthly payments may change.
Back
Variable-Rate Loan
4.
FLASHCARD QUESTION
Front
A car loan is an example of _____, where the loan is backed by collateral. If payments are not made, the lender can seize the car itself.
Back
Secured Debt
5.
FLASHCARD QUESTION
Front
The _____ is the amount you are charged to borrow money.
Back
Interest
6.
FLASHCARD QUESTION
Front
To purchase their first home, the Thompsons took out a(n) _____?
Back
Mortgage
7.
FLASHCARD QUESTION
Front
The _____ is how long you have to pay the money back, with interest, to the lender.
Back
Term
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