Credit & Loans Reivew

^{What is a credit bureau?}

• A company that collects information about consumers' credit history and sells it to lenders

• A place for a consumer to access credit

• A company that issues loans to consumers

• A place for consumers to make investments

What is a credit rating?

• The value of your collateral

• A measure of your creditworthiness is your

• The total value of all of your assets

• A measure of your character

What makes a loan secured?

• A loan that is for a short term of less than 1 year

• A loan that has a co-signer

• A loan that is backed by something of value

• A loan that is taken using a credit card

When does a consumer go to a pawn broker?

• If you want to increase your credit score

• If you want to exchange something of value for an item you want to purchase

• If you want to negotiate the terms of a loan

• If you want to get cash for personal property such as jewelry or a tv, then you need to see a

Suppose you are renting a living room chair for $19.99 per week. If you rent it for 30 weeks, the rent-to-own company says you will own the furniture. How much will the chair cost you?

• $600

• $400

• $350

• $550

MasterCard, Visa, American Express are examples of what?

• Charge Cards

• Credit Cards

• Secured Cards

• Debit Cards

What is a grace period?

• The time between loan payments

• The time between the loan being granted and being paid off in full

• The time between the billing date and the due date, when no interest is charged

• The time between applying for a credit card and receiving the credit card

What is a credit limit?

• The minimum amount you must charge on your account

• The amount owed on a credit card purchase

• The amount owed on a loan used to purchase a vehicle

• The maximum amount you are allowed to charge on your account is the

What is the Finance Charge?

• The total cost a borrower must pay for a loan, including all interest and fees

• The interest paid on a loan

• The amount that is borrowed that does not include fees and interest

• The amount of a purchase made using a credit card

What is bankruptcy?

• Borrowing money from a bank in the form of a loan

• A legal process in which people who cannot pay their debts must surrender most of their property

• A way to increase your credit score

• A legal process that allows a consumer to continue to use a credit card to make purchases