Credit Vocabulary Review

What is Secured Credit?

• Credit that is backed by collateral

• Credit that is not backed by collateral

• A type of revolving credit

• A type of installment credit

What is Unsecured Credit?

• Credit that is backed by collateral

• Credit that is not backed by collateral

• A type of revolving credit

• A type of installment credit

What is Revolving Credit?

• Credit that is paid in installments

• Credit that allows repeated borrowing

• Credit that is backed by collateral

• Credit that is not backed by collateral

What is Installment Credit?

• Credit that is paid in installments

• Credit that allows repeated borrowing

• Credit that is backed by collateral

• Credit that is not backed by collateral

What is a Loan?

• Money borrowed that must be repaid

• A type of revolving credit

• A type of unsecured credit

• A type of secured credit

What does Debt Free mean?

• Having no outstanding debts

• Having a secured loan

• Having a revolving credit

• Having an installment credit

What is a Debit?

• A deduction from a bank account

• A type of credit

• A type of loan

• A type of asset

What is Collateral?

• An asset pledged for a loan

• A type of unsecured credit

• A type of revolving credit

• A type of installment credit

What is a Home Equity Loan?

• A loan secured by the equity in a home

• A type of unsecured credit

• A type of revolving credit

• A type of installment credit

What is an Appreciating Asset?

• An asset that increases in value

• An asset that decreases in value

• A type of loan

• A type of credit