NGPF: Types of Credit_Vocabulary

NGPF: Types of Credit_Vocabulary

9th - 12th Grade

11 Qs

quiz-placeholder

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NGPF: Types of Credit_Vocabulary

NGPF: Types of Credit_Vocabulary

Assessment

Quiz

Financial Education

9th - 12th Grade

Easy

Created by

Cami Fissel

Used 4+ times

FREE Resource

11 questions

Show all answers

1.

MATCH QUESTION

1 min • 1 pt

Match the following:

Adjustable Rate Mortgage (ARM)

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

Secured Debt

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.

Annual Percentage Rate (APR)

A loan taken by individuals and businesses to make real estate purchases without paying the entire value of the purchase up front.

Unsecured Debt

Debt not tied to a specific asset, making it difficult or impossible for the lender to repossess items if payments are not made.

Mortgage

Debt tied to a specific tangible asset that can be used as collateral and repossessed if payments are not made.

2.

MATCH QUESTION

1 min • 1 pt

Match the following:

Fixed Rate Mortgage

A loan in which the interest rate can change, based on prime rate or index rate, over the course of the loan.

Personal Loan

A mortgage that has a fixed interest rate for the entire term of the loan as long as ontime payments are being made.

Fixed Rate Loan

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.

Installment Loan

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

Variable Rate Loan

A type of loan issued by a bank, credit union or online lender that you pay back in fixed monthly payments, typically over two to seven years.

3.

MATCH QUESTION

1 min • 1 pt

Match the following:

Grace Period

The number of days between a borrower's statement date and when payment is due, often without accruing interest.

Introductory APR

The rate charged for borrowing money usually expressed as a percent of the amount borrowed.

Amortization

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

Interest Rate

The typically low rate charged during the introductory period after a credit account is opened, after which the regular, typically higher, APR will apply.

Consolidation Loan

The paying off of debt over time in equal installments; part of each payment goes toward the loan principal while the other part goes toward interest.

4.

MATCH QUESTION

1 min • 1 pt

Match the following

Schumer Box

A contract (often used for cars or property) by which one party gives property to another for a specified time, usually in return for a periodic payment.

Lease

An agreement where you are credited with a fixed amount of money for a fixed period of time, usually with interest.

Joint Account

A bank or credit account that is shared between two or more people which allows everyone named on the account to access the funds.

Crowdfunding

The practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.

Loan

A standard table that legally must appear in a credit card agreement showing basic information about the card's rates and fees.

5.

MATCH QUESTION

1 min • 1 pt

Match the following

Revolving Credit

A small loan, offered through a business, lent at a high interest rate, and meant to be paid as soon as you receive your next paycheck.

401(k) Loan

A type of loan where you borrow money from your retirement savings account. You must pay that borrowed money back, plus interest, within 5 years of taking your loan, in most cases.

Payday Loan

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

Direct Plus Loans

An open line of credit that can be used for any purchases as long as you are under the limit; its payments vary monthly based on size of the debt.

Home Equity Loan

A federal loan available to graduate or professional students and eligible parents of dependent undergraduate students to help pay for the cost of the student's education at participating schools.

6.

MATCH QUESTION

1 min • 1 pt

Match the following

Term

Something valuable that the lender can take as payment if you can't or don't repay your secured loan.

Collateral

The amount of time you have to repay your entire loan.

Default

Long-term failure to repay a loan according to the terms agreed to, which has a substantial negative impact on the borrower's credit score.

Late Payment Fee

A federal student loan available to undergraduate and graduate students; the student is responsible for paying the interest during the time they are in school, which means they must pay that interest while studying or have it rolled into the principal amount of their loan.

Direct Unsubsidized Loan

A fee charged if your payment is received after the due date.

7.

MATCH QUESTION

1 min • 1 pt

Match the following

Home Equity

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

Minimum Payment

The smallest amount of a credit card bill that a credit card holder must pay during a billing cycle to remain in good standing with the lender.

Annual Fee

The maximum amount that may be borrowed on a credit card.

Credit Limit

A type of credit card that requires the borrower to pay the company a fixed, up-front amount of money as collateral, which becomes the credit limit of the card, thereby making it low-risk to the credit card company.

Secured Credit Card

The value of ownership built up in a home or property that represents the current market value of the house minus any remaining mortgage payments.

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