10/10/22: MOF VOCAB_UNIT 3 TYPES OF CREDIT

A loan in which the interest rate can change, based on prime rate or index rate, over the course of the loan

• Variable-Rate Loan

• Student Loan

• Car Loan

• Fixed-Rate Loan

Debt not tied to a specific asset, making it difficult or impossible for the lender to repossess items if payments are not made

• Credit Card Debt

• Unsecured Debt

• Secured Debt

• Regular Debt

Tags

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

The amount of time you have to repay your entire loan

• 1 year

• loan

• Term

• infinity

A monthly record of your account transactions provided by your credit card company electronically or on paper

• Question

• Statement

• Answer

• None of these

Tags

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

A loan used to fund expenses connected with operating a small business

• Friendly Loan

• Fast Loan

• Small Business Loan

• Payday Loan

Tags

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

The cost you pay each year to borrow money, including fees, expressed as a percentage

• Speed Rate

• Heart Rate

• Rate of return

• Annual Percentage Rate (APR)

A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill

• Professional

• Authorized User

• Small Person

• Large Person

Tags

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

A credit card service that allows cardholders to withdraw a certain amount of cash, either through an ATM or directly from a bank, typically at a high interest rate or for a fee

• Payday Loan

• Cash Advance

• Pre-paid Debit

• Money Order

A partial payment made in cash at the beginning of the purchase of a good or service, while the remaining balance is due later or is financed as part of a loan

• overdraft charge

• online payment

• Down Payment

• late payment

Tags

CCSS.RI.6.4

CCSS.RI.7.4

CCSS.RI.8.4

CCSS.RI.9-10.4

CCSS.RI.9-10.4

A loan with an interest rate that does not change over the life of the loan

• Infinity Loan

• Fixed-Rate Loan

• Personal Loan

• Secured Loan

Tags

CCSS.7.RP.A.3