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Types of Credit Vocab Review

Authored by J. Mendenhall

Social Studies

12th Grade

Used 15+ times

Types of Credit Vocab Review
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20 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Adjustable-Rate Mortgage (ARM)

A mortgage in which the initial interest rate is normally fixed for a specified period of time after which it is reset periodically

A yearly fee that may be charged for having a specific credit card, independent of how you use the card

The cost you pay each year to borrow money, including fees, expressed as a percentage

The cost you pay each year to borrow money, including fees, expressed as a percentage

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Annual Fee

A mortgage in which the initial interest rate is normally fixed for a specified period of time after which it is reset periodically, often every month

A yearly fee that may be charged for having a specific credit card, independent of how you use the card

The cost you pay each year to borrow money, including fees, expressed as a percentage

The cost you pay each year to borrow money, including fees, expressed as a percentage

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Annual Percentage Rate (APR)

A mortgage in which the initial interest rate is normally fixed for a specified period of time after which it is reset periodically, often every month

A yearly fee that may be charged for having a specific credit card, independent of how you use the card

The cost you pay each year to borrow money, including fees, expressed as a percentage

The maximum amount that may be borrowed on a credit card

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who has permission to use and/or carry another person's credit card, but isn't legally responsible for paying the bill

Authorized User

Cosigner

Collateral

Crowdfunding

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Someone who legally agrees to take responsibility for a person's debt if they cannot repay it

Authorized User

Cosigner

Collateral

Crowdfunding

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fixed-Rate Loan

A loan with an interest rate that does not change over the life of the loan

A consumer loan extended to a homeowner that uses the borrower's home as collateral

Loan used to finance a specific purchase for a specific amount of time, during which regular payments pay the accrued interest and a portion of the principal

A loan that combines two or more education loans into a single loan, allowing the borrower to make a single monthly payment

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Home-Equity Loan

A loan with an interest rate that does not change over the life of the loan

A consumer loan extended to a homeowner that uses the borrower's home as collateral

Loan used to finance a specific purchase for a specific amount of time, during which regular payments pay the accrued interest and a portion of the principal

A loan that combines two or more education loans into a single loan, allowing the borrower to make a single monthly payment

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