Managing Credit - #1

Front

What term describes the total debt obligations that an individual or entity must repay?

Back

Amounts owed

Front

Which percentage represents the total yearly cost of borrowing, including fees and interest charges?

Back

Annual percentage rate

Front

What status allows someone to use another person's credit card with permission but without legal responsibility for payments?

Back

Authorized user

Front

Which term describes a federal agency created to protect consumers in financial markets? Options: Chapter 7 bankruptcy, Collections, Charge-off, Consumer financial protection bureau

Back

Consumer financial protection bureau

Front

What strategy involves borrowing against assets rather than selling them to minimize tax implications?

Back

Buy borrow and die strategy

Front

Which type of bankruptcy involves liquidation of assets to pay creditors?

Back

Chapter 7 bankruptcy

Front

What type of bankruptcy allows individuals to restructure their debts and make payments over time?

Back

Chapter 13 bankruptcy

Front

What term describes when a creditor declares a debt as unlikely to be collected?

Back

Charge-off

Front

Which legal process provides relief from debts when an individual or business cannot repay them?

Back

Bankruptcy

Front

What term describes the process of attempting to recover unpaid debts?

Back

Collections