WorksheetsThe Consumer Credit
Total questions: 18
Worksheet time: 7mins
The bank uses a ... to find out how prospective borrowers repaid their past debts.
profile
loan agreement
credit bureau
budget
Because Mr. Parker is ..., his application for a loan is approved.
creditworthy
profile
on time
character
A contract between a lender and a borrower is called ...
loan agreement
credit bureau
installment sales credit
consumer credit
The other name for credit bureau is ...
reporting agency
character
passbook loan
loan agreement
If an applicant is creditworthy, the bank needs the signatures of both applicant's and his/her wife/husband.
TRUE
FALSE
Three kinds of data that the computer at the reporting agency has are ...
a person's background
a person's history of borrowing and repayment
a person's employment record
a person's family background
You can't ask for a new loan until you repay the ... of the old loan.
balance
installments
data
cash flow
Three things that a consumer who applies for an installment sales credit usually has to do are...
buy a merchandise
make a down payment
sign a contract to repay the balance, interest and service charges
pay in specified period of time
Before applying for a loan, three things that the lender wants to know about the borrower are ...
the employment record
how long he has lived at his present address
the earnings
the numbers of family
Passbook loans are ...
hard to get
using the savings account as collateral
using the checking account as collateral
always allowing consumers to receive merchandise
Ms. Sisca is paying for her new car in monthly ...
installments
budgets
cash flow
profile
Loan agreement is a contract between a lender and a borrower in a reporting agency.
TRUE
FALSE
The movement of money to and from a firm or individual is called ...
cash flow
budget
balance
credit
Potential borrowers should develop a profile of their monthly expenses ...
to see how much money left to make a loan payment
to begin processing the loan application
to start filling out the loan application forms
to be creditworthy and wealthy
A budget is ...
a list of costs and expenses
a person's moral quality
the sum or amount that the borrower still has to pay
the part of a debt that the borrower has not yet repaid
An outstanding amount is ...
a list of costs and expenses
a person's moral quality
the sum of money that the borrower still has to pay
the part of a debt that the borrower has paid
These pairs have similar meaning, except ....
credit bureau and reporting agency
balance and outstanding amount
installment and on time
character and creditworthy
For applying a loan, the bank uses a reporting agency to investigate the applicant's character.
TRUE
FALSE
