Credit Vocabulary
Authored by Kimberly Akers
Life Skills
10th - 12th Grade
Used 366+ times
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future.
Loan
Debt
Credit
Collateral
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Something of value that a borrower lets the lender claim if a loan is not repaid.
Loan
Debt
Credit
Collateral
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is a loan that does not have collateral pledged against it.
Closed-end Credit
Secured Loan
Open-end Credit
Unsecured Loan
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.
Loan
Debt
Credit
Collateral
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Is a loan in which the borrower pledges some asset as collateral.
Closed-end Credit
Secured Loan
Open-end Credit
Unsecured Loan
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The total amount of money owed lenders or creditors.
Loan
Debt
Credit
Collateral
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
There is not a set payoff date for the credit.
Closed-end Credit
Secured Loan
Open-end Credit
Unsecured Loan
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