Unit 4 Quizizz Review

Evaluation of the risk of an individual which predicts their ability to pay back the loan.

• Cosign

• APR

• Open-End Credit

• Credit Rating

Any fee representing the cost of credit/borrowing (EX: interest or transaction fees).

• Credit Rating

• Bankruptcy

• Finance Charge

• Loans

Signing for another’s debt; agreeing to make payment for them should they default.

• Cosign

• Bankruptcy

• Loans

• Collateral

The amount of credit extended to a borrower.

• Open-End Credit

• Credit Rating

• Line of Credit

• APR

Record of a borrower's responsible repayment of debts.

• Bankruptcy

• Credit History

• Collateral

• Line of Credit

Annual rate charged for borrowing; expressed as a percent.

• Cosign

• APR

• Open-End Credit

• Credit Rating

An item that is borrowed (a sum of money or item of property that is expected to be paid back with interest).

• Loans

• Collateral

• Credit Rating

• Cosign

Pre-approved loan where a borrower can use repeatedly up to a certain limit.

• Open-End Credit

• Finance Charge

• APR

• Collateral

Something pledged as security for repayment of a loan, to be forfeited in the event of a default.

• Open-End Credit

• Credit Rating

• Collateral

• Bankruptcy

Federal court procedure that helps individuals/businesses get rid of their debts and repay their creditors.

• Collateral

• Bankruptcy

• Cosign

• Loans