WorksheetsPFM Chapter 10 Credit
Total questions: 25
Worksheet time: 13mins
One large loan used to pay off a number of small loans is a
installment loan
secured loan
unsecured loan
debt consolidation loan
Credit cards that do not allow you to carry a balance from month to month
secured loan
revolving charge account
installment
regular charge account
The finance charge calculated as a percentage of the amount borrowed is the
grace period
annual percentage rate
annual fee
interest
A measure of your sense of financial responsibility
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capacity
credit
character
capital
A measure of your financial ability to repay loan
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capacity
character
credit
capital
The value of what you own
capacity
credit
character
capital
Credit cards that do allow you to carry a balance from one month to the next
installment
revolving charge account
regular charge account
secured
A loan that is backed by something of value pledged to insure payment is a
non-secured loan
secured loan
signature loan
unsecured loan
A company that collects information about consumers credit history and sells it to lenders is a
bank
credit board
credit bureau
savings and loan associations
A measure of your credit worthiness is your
credit rating
credit
credit debt
finance charge
The entire debt is due immediately if you miss a single payment on a loan
grace period
balloon
balloon finance charge
acceleration clause
If you want to get cash for personal property such as jewelry or a TV then you need to see a
banker
loan officer
pawnbroker
rent-to-own
If you cannot pay debts and must surrendered most of their property is called
an acceleration clause
debt
bankruptcy
debt consolidation
The maximum amount you are allowed to charge on your account is the
quota
account ceiling
credit limit
maximum
The time between the billing date and the payment due date when no interest is charged
credit period
interest period
grace period
finance period
Which of the following are sources of credit cards
Visa, MasterCard, American, and Discover
Visa, MasterCard, American Express, and Discover
Visa, MasterCredit, American Express, and Discover
Visa, MasterCard, American Express, and Explore
The total cost a borrower must pay for a loan including all interest and fees is the
interest
finance charge
overcharge
A measure of your reliability to repay a loan and must be demonstrated to lenders
credit history
creditworthiness
credit rating
character
Installment loans are made at a fixed time each month with a variable interest rate
True
False
The Fair Credit Billing Act helps consumers correct credit card billing
True
False
Married couple should only have credit together, in both of their names
True
False
Interest rates on unsecured loans are generally lower than rates charged for secured loans
True
False
Credit cards are one of the most expensive forms of borrowing
True
False
Flexible expenses are immediately affected if you use credit
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True
False
Consumers should take every credit card offered to them so they will have a variety of choices
True
False
