Debt and savings

What is a finance charge?

• The amount of money originally borrowed in a loan.
• Cost of credit expressed monthly in dollars and cents.
• Fees charged to savings accounts.
• Cost of credit expressed as a yearly percentage.

A financial institution that is owned and operated by members to provide savings accounts and low interest loans is called what? 

• Savings and loan
• Credit Union
• Commercial Bank
• Savings Bank

Which of the following would be considered a durable good?

• Blouse
• Gasoline
• Hairbrush
• Washing machine

A credit score is intended to measure:

• Your financial success
• The risk of your not repaying debt
• Your income level
• The amount of money you have in the bank

Cost of borrowing money on an annual basis; takes into account the interest rate and other related fees on a loan.

• financing
• annual percentage rate (APR)
• lease
• inflation

A detailed report of an individualʹs credit history

• Credit Report
• Cash Flow Statement

A fee a bank, credit card, or lender charges to purchase something & pay for it over time

• Dividend

• Interest

• Credit

• Finance Rate

The federal Fair Debt Collection Practices Act of 1977 dictates how:

• Much debt a person is allowed to carry

• Much interest a lender can charge

• Debt collectors can interact with individuals

• Much of a debt a person must repay

Consumers can transfer money electronically from their bank accounts to the bank accounts of stores or restaurants by using what? 

• Credit cards
• Debit cards
• American Express card
• Credit Union share drafts

What is a Usury law?

• A law that restricts the amount of credit a financial institution can offer.
• A law that sets maximum interest rates consumers can be charged.  
• A law that defines lending practices for state financial institutions.
• A law that allocates credit based on need.