Free Printable Credit 47...

Worksheets

Credit 47...

Total questions: 25

Worksheet time: 21mins

Name

Class

Date

When a person brings an item to a pawnshop to obtain cash, the transaction is considered

a collateralized loan

a custodial payment.

an unsecured loan

a sales agreement

A store that offers loans with high finance charges to desperate borrowers holding their personal items as collateral

Pawnshops

Banks

Savings and loan Companies

Credit Unions

An unsecured loan is backed by collateral.

True

False

Issued by owner of a pawnshop as a receipt of a pawned item

Pawn ticket

Receipt

Bingo card

money order

What are Payday Loans?

loans to help you afford a house or property

loans to get you a car

loan to help you if you run out of money before your monthly check

What are the people called that trap you into taking out loan after loan?

loansnark

loanshark

loanskark

loansmark

The amount established by the card issuer as the maximum amount you may borrow to pay for purchases or cash advances. Based on your creditworthiness.

Credit Limit

Over-limit

Balance

Maximum Balance

The amount of days given to pay your bill, from statement closing date until the bill is due (15-25 days)

Grace Period

Transactions

Time

Cash Advance

Events recorded on the statement, such as: purchase, payments made, fees.

Transactions

Purchases

Annual Fee

Late, over-limit, and penalty fees

10.

What if I have bad credit?

High interest rates on loans

You can easily be approved for a loan

You have a high credit score

You may have to live with Mr. Trump.

11.

A punishment imposed for breaking a law, rule, or contract

Predatory lending

Penalty

Late fee

Grace period

12.

An identification number assigned to an individual to gain access to an automated-teller machine (ATM).

Personal Identification Number (PIN)

Overdraft

Check Register

ATM Surcharge

13.

A four digit number used as an electronic signature

Personal Identification Number (PIN)

Handy Dandy Number (HDN)

14.

Mortgages and car loans are considered _____ loans.

Revolving credit

Unsecured

Secured

Store credit

15.

Practices at lending organizations during a loan origination process that are characterized by critics as unfair, deceptive, or fraudulent.

Predatory Lending

Late fee

Bankruptcy

Default

16.

1. Which of the following payment types require you to pay upfront?

a. Money order

b. Cashier's check

c. Pre-paid card

d. All of the above

17.

the creditor's taking back of an asset when the borrower defaults on repayment of the loan that financed the purchase of the asset

repossession

joint tenancy

joint liability

co-signor

18.

Loan backed by collateral

secured loan

unsecured loan

credit card

lien

19.

Loan not backed by collateral

car loan

unsecured loan

secured loan

deferred payments

20.

Someone who prepares income tax returns for individuals or businesses

Tax preparer

Mortgage broker

Credit card companies

21.

A title that is free of liens and legal questions as to ownership of the property

Mortgage title

Credit card title

Title for goods

Car title

22.

What is the Truth in Lending Act of 1968?

A law aimed to protect consumers from unfair billing practices

A law passed to make sure consumers are treated fairly

A law that makes it unlawful to discriminate against any applicant

A law designed to eliminate abusive, deceptive, and unfair debt collecting practices

23.

Usury Laws:

Protect the lender.

Protect the borrower.

24.

Usury Laws set caps on

loan amounts.

interest rates.

down payments.

purchase prices.

25.

Variable rate

interest rate on a loan or security that fluctuates over time

interest rate on a loan or security that stays the same

Reset

Credit 47...

Total questions: 25

Worksheet time: 21mins

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