Unit 3-Credit

This type of card requires payment in full each month

• Credit
• Charge
• Debit
• Store

This type of card adds interest to your purchases, if not paid off every month

• Credit
• Charge
• Debit
• Store

A typical credit card that gives you money back after you make a payment is considered this type of account

• Installment
• Revolving
• Consolidated
• Single Payment

When the same payment is made every month, and interest has been predermined, this type of account is being used

• Installment
• Revolving
• Consolidated
• Single Payment

When mulitple loans are put together and paid as one single payment, this type of account is being used.

• Installment
• Revolving
• Consolidated
• Single Payment

This type of payment cannot be avoided, even when declaring bankruptcy

• Credit Card
• Mortgage
• Student Loan
• Business Loan

The original amount of the loan is called this

• Interest
• Principal
• Credit
• Debit

The 20-10 Rule suggests that your monthly payment should be no more than this percent of your monthly net income

• 0.2
• 0.1
• 0.3
• 0.05

A loan that requires collateral is called this

• Unsecured
• Secured
• Consolidated
• Revolving

Interest that is calculated as a percent for the entire year is called this

• APR
• Simple
• S&L
• Principal