Ramsey Chapter 4 Lesson 2 Textbook Game

What Is The Right definition For Revolving Credit

• credit that automatically renews whenever a payment is made to reduce the debt

• something owned (that has value) offered as security on a debt; if the debt is not repaid as agreed, the item is forfeited to the lender

• a lender who uses deceptive, unfair, or fraudulent practices on borrowers who are desperate for cash

• None of the above

What Is The Right Definition For The Word Lien?

• something owned (that has value) offered as security on a debt; if the debt is not repaid as agreed, the item is forfeited to the lender

•  credit that automatically renews whenever a payment is made to reduce the debt

• a legal claim against (or right to own) an asset until the debt (loan) is repaid​​​​​​​

• None of the above

What is The Definition For The Word Collateral

• None of the above

• credit that automatically renews whenever a payment is made to reduce the debt

• a legal claim against (or right to own) an asset until the debt (loan) is repaid​​​​​​​

• something owned (that has value) offered as security on a debt; if the debt is not repaid as agreed, the item is forfeited to the lender

What Is The Definition Of The Word Appreciating Asset?

• a lender who uses deceptive, unfair, or fraudulent practices on borrowers who are desperate for cash

• an asset that increases in value over time​​​​​​​

• an asset that loses value over time, such as a car that’s worth less every year​​​​​​​

• None of the above

What Is The Definition Of The Word Installment Credit?

• a loan for a fixed amount of money that‘s paid back in monthly installments  

• an asset that increases in value over time​​​​​​​

• None These Above

• When you have all the money In THE WORLD!!

A Ramsey Solutions study showed that (blink) of Americans have a credit card.

• 10%

• 50%

• 90%

• 80%

Credit cards work as a (blink) account.

• revolving credit

• Installment Credit

• Revolving credit

How much does a mortgage typically lasts?

• 15-20 years

• 15-30 years

• 5-10 years

• 20-30 years

How long does it take students to pay off student loans?

• 10-20 years

• 15-30 years

• 7-10 years

• None of the above

The average new car loan is more than

• 100,000

• 20,000

• 32,280

• 32,200