Unit 3- Credit- ORHS

Which of the following is the term for money that a lender makes available to a borrower with the understanding that the borrower will repay the money at a future time?

• interest

• collateral

• credit

• investment

One way to think of ________ is as the rental fee paid for temporarily using someone else's money.

• principal

• credit

• collateral

• interest

What does APR stand for?

• Annual Percentage Rate

• Actual Part of Rehearsal

• Accrued Personal Rate

• Annual Percentage Readiness

Installment loans typically require the borrower to make ________ payments.

• monthly

• daily

• annual

• weekly

A credit card company uses a consumer's income level, debt level, and overall credit record to calculate that consumer's ________.

• installment plan

• principal limit

• character

• credit limit

Which of the following is an advantage of using credit?

• You can use checks more frequently than cash.

• You can establish a good credit history.

• You do not have to worry as much about identity theft.

• You can save money by purchasing goods with a credit card and paying off the balance annually.

Your credit history is detailed in your ________.

• credit score

• credit limit

• interest rate

• credit report

Which of the following is NOT one of the three main credit bureaus?

• Experian

• CreditCheck

• TransUnion

• Equifax

How many times during a 12-month period can you receive a copy of your credit report without paying a fee?

• three times

• never; there is always a fee

• once

• twice

Which of the following would you NOT find listed on a copy of your credit report?

• any unpaid accounts turned over to a collection agency

• the names of the companies that have requested credit information about you

• the amount of money you earn each year

• the balance of each of your credit cards