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Understanding Credit Terms and Definitions

Authored by Tressica Monzel

Financial Education

11th Grade

Understanding Credit Terms and Definitions
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15 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is the correct definition of a Debtor

the person that is borrowing

the person who or institution that is providing the credit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is the correct definition of a Creditor

person that is borrowing

the person who or institution that is providing the credit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one is NOT a way you can qualify for credit

Income

Financial position-capital

Collateral

go to the bank

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When making a payment on a credit card what does principal mean

amount borrowed

cost of money the money you borrowed

other fees charged to borrow money

minimum amount due each pay period on credit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When making a payment on a credit card what does interest mean

amount borrowed

cost of the money you borrowed

other fees charged to borrow monwy

minimum amount due each pay perion on credit

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When making a payment on a credit card what does finance charges mean

amount borrowed

cost of the money you borrowed

other fees charged to borrow money

Minimum amount due each pay period on credit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When making a payment on a credit card what does minimum payment mean

amount borrowed

cost of the money you borrowed

other fees charged to borrow money

minimum amount due each pay period on credit

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