Review

The gradual decrease in the value of an asset is called

• repossesion

• foreclosure

• appreciation

• none

• depreciation

A type of debt that is backed by something of value is called

• unsecured debt

• secured debt

A car loan is an example of a(n)

• loan

• lease

• installment loan

• mortgage

When you lease a car, you are the

• lessee

• lessor

• car leasor

• I dont know

Owing more on an asset than it is worth is called being

• underwater

• fixed mortgage

• not here

• deprecation

A loan obtained when you purchase a home and use the home as collateral

• secured debt

• unsecured debt

The difference between what you owe on your home and the balance of the mortgage on the home is called an fixed mortgage

• TRue

• False

When a bank takes possession of a home because the borrower has failed to make loan payments, it is called

• foreclose

• assesment

An account for holding money in a trust for others is called a(n)

• escrow

• escrow account

• scrow acount

• scrow

A type of mortgage that allows the interest rate to change is called a(n)

• adjustable mortgage rate

• mortage rate

• fixed mortgage rate