Credit in America

What term is used to describe money borrowed to buy something now with the agreement to pay for it later?

• Credit

• Loan Shark

• Borrower

• Capital

Property you possess

• Credit

• Loan Shark

• Borrower

• Capital

What is the term for assets or property pledged to assure repayment of a loan?

• Collateral

• Principal

• Credit Score

• Installment Agreement

A pre-established amount that is borrowed on demand without collateral.

• Line of Credit

• Installment Agreement

• Balance Due

• Late Fee

Contractual agreement in which you agree to make regular payments for a period of time.

• Line of Credit

• Installment Agreement

• Balance Due

• Late Fee

Principal + any finance charges that are due for the time you have the loan.

• Line of Credit

• Installment Agreement

• Balance Due

• Late Fee

Fee that is assessed if you do not pay within the allotted time frame.

• Line of Credit

• Installment Agreement

• Balance Due

• Late Fee

Who is referred to as someone loaning money?

• Borrower

• Creditor

• Credit Bureau

• Loan Shark

What is defined as a loan where goods purchased or a deposit serve as collateral?

• Secured Loan

• Credit

• Usury Loan

• Line of Credit

What is the term for the total dollar amount of all interest and fees you pay for the use of credit?

• Finance Charge

• Minimum Payment

• Late Fee

• Credit Score