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PERSONAL FINANCE

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

LOWER INTREST RATE OFFERED BY CREDIT CARD COMPANIES USALLY FOR A SHORT PERIOD OF TIME TO ENTICE YOU TO SIGN UP FOR CREDIT WITH THEM

a)

INTRODUCTORY RATE

b)

LOAN TERM

c)

APR

d)

ANNUAL FEE

2.

THE LENGTH OF TIME YOU HAVE TO PAY THE LOAN.

a)

LOAN TERM

b)

INTRODUCTORY RATE

c)

FAIR CREDIT REPORTING ACT

d)

REVOLVING ACCOUNT

3.

a federal law governing the reporting of debt payment

a)

fair credit reporting act

b)

loan term

c)

grace period

d)

principal

4.

the financial oppertunity that is given up

a)

oppertunity cost

b)

truth in lending act

c)

unsecured loan

d)

loan term

5.

the length of time the lender charges NO intrest

a)

grace period

b)

loan

c)

APR

d)

unsecured loan

6.

temporary borrowing of a sum of money

a)

LOAN

b)

INSTALLMENT ACCOUNT

c)

CREDIT LIMIT

d)

SECURED LOAN

7.

A CREDIT ACCOUNT ON WHICH MONTHLY FIXED AMOUNT PAYMENT.

a)

INSTALLMENT ACCOUNT

b)

CREDIT BUREAU

c)

REVOLVING ACCOUNT

d)

APR

8.

A CONSUMER REPORTING AGENCY THAT COLLECTS AND REPORTS

a)

CREDIT BUREAU

b)

LOAN TERM

c)

SECURED LOAN

d)

UNSECURED LOAN

9.

A FEDERAL LAW THAT PROTECTS CARDHOLDERS AGAINST UNAUTHORIZED USE OF THEIR CREDIT CARD

a)

TRUTH IN LENDING ACT

b)

CREDIT REPORT

c)

LOAN TERM

d)

GRACE PERIOD

10.

REPORT SHOWING UR DEBT PAYMENT HISTORY

a)

CREDIT REPORT

b)

APR

c)

CREDIT LIMIT

d)

REVOLVING ACCOUNT

11.

THE COST OF CREDIT

a)

APR

b)

CREDIT LIMIT

c)

SECURED LOAN

d)

UNSECURED LOAN

12.

THE MAXIMUM AMOUNT OF MONEY THE LENDER IS WILLING TO LOAN AN APPLACANT

a)

CREDIT LIMIT

b)

APR

c)

REVOLVING ACCOUNT

d)

LOAN TERM

13.

THE FEE CHARGED BY THE CREDIT CARD COMPANY EVERY YEAR FOR THE USE OF THE CREDIT CARD

a)

ANNUAL FEE

b)

CREDIT

c)

CREDIT REPORT

d)

LOAN

14.

THE GRANTING OF A LOAN AND THE CREATION OF DEBT

a)

CREDIT

b)

CREDIT REPORT

c)

APR

d)

CREDIT LIMIT

15.

THE ORIGINAL AMOUNT OF MONEY INVESTED OR BORROWED

a)

PRINCIPAL

b)

CREDIT

c)

INTRODUCTORY RATE

d)

OPPORTUNITY COST

16.

THE TOTAL COST OF USEING DEBT

a)

FINANCE CHARGE

b)

ANNUAL FEE

c)

APR

d)

LOAN

17.

A CREDIT ACCOUNT THAT ROLLS THE OUTSTANDING BALANCE TO THE NEXT MONTH

a)

REVOLVING ACCOUNT

b)

PRINCIPAL

c)

LOAN TERM

d)

CREDIT BUEAU

18.

A LOAN IS GIVEN WITHOUT COLLATERAL

a)

UNSECURED LOAN

b)

SECURED LOAN

c)

GRACE PERIOD

d)

LOAN

19.

A LOAN THAT IS SECURED WITH COLLATERAL

a)

SECURED LOAN

b)

UNSECURED LOAN

c)

APR

d)

LOAN

20.

AN OBLIGATION TO REPAY BORROWED MONEY

a)

DEBT

b)

LOAN

c)

FINANCE CHARGE

d)

APR