Tax Lien

U5.1 Managing Credit Unit Vocab

Quiz
•
Financial Education
•
12th Grade
•
Easy
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Used 16+ times
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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