Credit, Loans, & Credit Scores

The original amount borrowed (or saved)

• Principal

• Interest

• Down Payment

• Term

The cost of borrowing money is...

• Principal

• Interest

• Down Payment

• Term

By law, your gift card cannot expire for ____ year(s) after it's activated.

• 1

• 2

• 5

• 10

Credit is an agreement between a lender & a borrower where one party lends money, goods, or services to another. Payment is made later. Oftentimes, interest is charged.

• True

• False

Another word for 'lender' is

• borrower

• creditor

• debtor

Which one of these is NOT a factor in someone's creditworthiness?

• assets

• income

• GPA

• willingness to repay a debt

What's it called when you don't repay a debt?

• Default

• Principal

• Term

• APR

You have a car loan. Your car title has the bank's name on it because there's a

• default

• foreclosure

• lien

• term

Which of these may run a credit check before agreeing to do business with you?

• landlord

• utility company

• bank or credit union

• all of these

Which of these is NOT a credit bureau?

• Fair Isaac Corp.

• Experian

• Equifax

• TransUnion