Credit

What is debt?

• Another word for death

• Something, typically money, that is owed or due

• A loan on which you do not have to pay interest

• That which is incurred during childhood and consummated in college

What is a credit card?

• The ace of diamonds

• A large plastic card designed to ruin consumer's finances

• A small plastic card issued by the government attached to a line of credit

• A small plastic card issued by a bank and attached to a line of credit

What is a credit score?

• a number between 300 and 850 representing your creditworthiness

• a statistical number that evaluates a consumer's creditworthiness and is based on credit history.

• Often referred to as a FICO score

• All of the above

What is an interest rate?

• it is your level of interest about a certain topic expressed as a percentage of your total interest

• The amount in terms of dollars that you have to pay back on a purchase

• it is the rate at which your interest in something expires. The higher the number, the quicker your interest expires

• The amount in terms of a rate or percentage that you have to pay back on an amount borrowed

What is a credit report?

• A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness

• A detailed report of a bank's credit history prepared by a credit expert and used by consumers in determining a bank's creditworthiness

• A report which shows which credit cards are better than others

• A report invented by Allan Greenspan and credited to Al Gore

The process of collecting funds that are owed and past due is called...

• gathering

• dollar collecting

• overdrafting

• collections

What is bankruptcy?

• A point in time where everything a person owns has been given to charity

• A legal proceeding involving a person or business that is unable to repay outstanding debts in which the debtor's assets are measured and evaluated, whereupon the assets are used to repay a portion of outstanding debt

• When a bank is built on top of a volcano and the volcano erupts causing a bank(e)ruptcy

• A legal proceeding involving a person or business that is more than capable of repaying outstanding debts in which all of the debtor's assets are measured and evaluated, and then given away to those in need

What is a loan term?

• The amount of time a revolving line of credit can be open

• The payment of income to a savings account in regular payments over a set period of time.

• The period in which the loan is to be repaid, each payment broken down into individual installments

• Specifically related to the black market for human organs, and typically meant as the length of time one's kidney will be used for other purposes

What is the term meaning the bank's ability to trust you to pay back a loan?

• Credit Card

• Credit Agency

• Credit Score

• Credit Limit

520 is considered a very good credit score.

• true

• false