Unit 3: Credit Study Guide
Authored by Lauren Powers
Other
12th Grade
Used 21+ times
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27 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'character' refer to in credit?
A person's trustworthiness and financial responsibility
The increased likelihood of obtaining credit
An item of value pledged to secure a loan
A fixed interest rate on a house loan
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'capacity' refer to in credit?
A person's trustworthiness and financial responsibility
An item of value pledged to secure a loan
Having a stable job, income, etc.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is collateral?
A person's trustworthiness and financial responsibility
The increased likelihood of obtaining credit
An item of value pledged to secure a loan
A fixed interest rate on a house loan
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a fixed mortgage?
A person's trustworthiness and financial responsibility
The increased likelihood of obtaining credit
An item of value pledged to secure a loan
A fixed interest rate on a house loan
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is an adjustable-rate mortgage?
A person's trustworthiness and financial responsibility
The increased likelihood of obtaining credit
An item of value pledged to secure a loan
A fixed interest rate for a few years, after which time interest rates fluctuate according to general market conditions
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is garnishment?
A person's trustworthiness and financial responsibility
The increased likelihood of obtaining credit
Seizing of property
A person who adds their information to a loan application and pledges to pay back the loan if you're unable to
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a co-signer?
A person's trustworthiness and financial responsibility
The increased likelihood of obtaining credit
An item of value pledged to secure a loan
A person who adds their information to a loan application and pledges to pay back the loan if you're unable to
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