
Financial Literacy Flashcards
Flashcard
•
Business
•
9th Grade
•
Practice Problem
•
Hard
Colleen Chakar
FREE Resource
Student preview

18 questions
Show all answers
1.
FLASHCARD QUESTION
Front
A type of debt in which you borrow money for a period of time with an agreed-upon interest rate and repayment plan is called a(n)
Back
Installment Loan
2.
FLASHCARD QUESTION
Front
A legal process a creditor can use to force the sale of mortgaged property to repay the mortgage when a borrower does not make mortgage payments is called
Back
Foreclosure
3.
FLASHCARD QUESTION
Front
A federal law, the, prohibits abusive practices when collecting debt.
Back
Fair Debt Collection Practices Act
4.
FLASHCARD QUESTION
Front
A type of bankruptcy called is also known as straight bankruptcy.
Back
Chapter 7 Liquidation
5.
FLASHCARD QUESTION
Front
Creditworthiness is how reliable you are on paying back money you borrowed and how good or bad your credit history is.
Back
TRUE
6.
FLASHCARD QUESTION
Front
When making payments in cash, you should get a receipt as proof of payment.
Back
TRUE
7.
FLASHCARD QUESTION
Front
Automatic payments from your account can save you money, but you must manage the account carefully.
Back
TRUE
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