Ch4 L2

The legal claim to own something until the debt on it is paid off is called...

• Lien

• Debt

• Default

• Collateral

Failure to repay a loan is referred to as...

• Lien

• Debt

• Default

• Collateral

Something you own that is offered as a security for a debt is called...

• Lien

• Debt

• Default

• Collateral

An increase in your home's value would mean an increase in your home's ​ (a)  

• Equity
• Collateral
• Lien
• Asset

An example of a predatory lender would be a...

• Payday Lender

• Auto Lender

• Home Lender

• Rental Lender

A form of credit that requires collateral is called..

• Secured Credit

• Unsecured Credit

• Revolving Credit

• Installment Credit

A form of credit that requires a scheduled payment plan is called...

• Secured Credit

• Unsecured Credit

• Revolving Credit

• Installment Credit

A Credit Card is an example of which credit type?

• Secured Credit

• Unsecured Credit

• Revolving Credit

• Installment Credit

An auto loan, where the lender can repossess the car if you fail to make payments, is an example of which kind of credit?

• Secured Credit

• Unsecured Credit

• Revolving Credit

• Installment Credit

A home loan is a ​ (a)   , where the house itself is the ​ (b)   .

• lien
• collateral
• default
• installment credit
• Equity