CREDIT!!!
Flashcard
•
Other
•
9th - 12th Grade
•
Hard
Wayground Content
FREE Resource
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9 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is debt?
Back
Something, typically money, that is owed or due
2.
FLASHCARD QUESTION
Front
What is a credit card?
Back
A small plastic card issued by a bank and attached to a line of credit.
3.
FLASHCARD QUESTION
Front
Revolving credit is...
Back
a type of credit that can be used repeatedly up to a certain limit as long as the account is open and payments are made on time.
4.
FLASHCARD QUESTION
Front
Which of the following is not a characteristic of an installment loan? repaid over time, scheduled payments, accompanied by an interest rate, also known as a revolving loan
Back
also known as a revolving loan
5.
FLASHCARD QUESTION
Front
What is an interest rate?
Back
The amount in terms of a rate or percentage that you have to pay back on an amount borrowed.
6.
FLASHCARD QUESTION
Front
What is a credit report?
Back
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.
7.
FLASHCARD QUESTION
Front
The process of collecting funds that are owed and past due is called...
Back
collections
8.
FLASHCARD QUESTION
Front
What is bankruptcy?
Back
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.
9.
FLASHCARD QUESTION
Front
What is a loan term?
Back
The period in which the loan is to be repaid, each payment broken down into individual installments.
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