U5.1 Managing Credit Unit Vocab

U5.1 Managing Credit Unit Vocab

12th Grade

20 Qs

quiz-placeholder

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U5.1 Managing Credit Unit Vocab

U5.1 Managing Credit Unit Vocab

Assessment

Quiz

Financial Education

12th Grade

Easy

Created by

Quizizz Content

Used 16+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Tax Lien

A legal claim by a government entity to take an individual's property or income when their taxes are not paid in full.

A type of tax deduction that reduces taxable income.

A financial penalty imposed for late tax payments.

A government program that provides tax relief to low-income individuals.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Debt Consolidation Loan

A type of loan that combines a person’s existing debts into a single loan with one monthly payment.

A loan used to purchase a new car.

A type of loan that is only available for home purchases.

A loan that helps to pay for education expenses.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Thin File

A term used to describe someone with little to no credit history.

A type of financial document used for loan applications.

A file that contains extensive credit history and information.

A term for a credit report that is incomplete.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Charge-Off

A declaration by a creditor that an amount of debt is unlikely to be collected; occurs when a consumer becomes severely delinquent on a debt.

A process where a debtor is declared bankrupt and all debts are forgiven.

A legal action taken by creditors to recover debts through court proceedings.

A temporary suspension of payments on a loan due to financial hardship.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Repossession

The taking back of property after a borrower has defaulted on payments.

The process of selling property to pay off a debt.

The act of transferring ownership of property to another party.

The legal procedure to reclaim a loan from a borrower.

6.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

Secured Credit Card

A type of credit card that requires a cash deposit as collateral, which serves as a credit limit and reduces the risk for the lender.

A credit card that offers rewards points for every purchase made.

A type of credit card that does not require any collateral and has a high credit limit.

A credit card that is exclusively for online purchases.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Foreclosure

A legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments by forcing the sale of the property.

A method for borrowers to negotiate lower interest rates on their loans.

A type of insurance that protects lenders against borrower default.

A financial strategy used to increase property value through renovations.

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