Chapter 5 & 6 Economics Study Guide
Authored by Jesse Sellars
Social Studies
12th Grade
Used 2+ times
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83 questions
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1.
OPEN ENDED QUESTION
3 mins • 1 pt
What is open-end credit?
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Answer explanation
a credit source from which a debtor may continually draw money
2.
OPEN ENDED QUESTION
3 mins • 1 pt
Why do unsecured loans often entail higher interest rates?
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Answer explanation
They carry more risk for creditors.
3.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
What widely used kind of credit does the textbook cite as an example of open-end credit?
(a)
4.
OPEN ENDED QUESTION
3 mins • 1 pt
What is a loan's collateral?
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Answer explanation
A loan's collateral consists of valuable goods that a creditor may take and resell in the event that the borrower does not repay his loan.
5.
FILL IN THE BLANKS QUESTION
1 min • 1 pt
What are the two parts of a loan?
(a)
Answer explanation
the principal and the interest
6.
OPEN ENDED QUESTION
3 mins • 1 pt
What is a loan's term?
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Answer explanation
the time given to the debtor to pay back the loan
7.
OPEN ENDED QUESTION
3 mins • 1 pt
What is installment credit?
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Answer explanation
the ability to pay for a purchase with periodic payments according to a loan contract
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