Chapter 18 Quiz Review

A down payment is a partial payment made at the time of the purchase.

• True

• False

The date on which a loan must be repaid is known as the final payment date.

• True

• False

The three Cs of credit are character, capacity, and creditworthiness.

• True

• False

A credit bureau gathers and reports information on credit users.

• True

• False

Property that is used as security for a loan is called collateral.

• True

• False

The legal process of reducing or eliminating money owed is bankruptcy.

• True

• False

The annual percentage rate states the percentage cost of credit per month.

• True

• False

A credit counselor is employed by a collection agency.

• True

• False

Unscramble the vocabulary word from Chapter 18: topsimnoyresor (2 words)

Unscramble the vocabulary word from Chapter 18: genrocis