WorksheetsCredit & Debt Fundamentals
Total questions: 33
Worksheet time: 18mins
Annual Fee
Annual Percentage Rate (APR)
A number that shows how much of your overall credit you’re using
The fee you pay for a credit card each year
The interest rate you pay on balances you carry over from month to month to month on a credit card
The amount earned before taxes, benefits, and other payroll deductions are withheld from your paycheck
Authorized user
How deserving you are of getting credit, according to companies that lend money
A person allowed to use a credit card account by the primary cardholder
Someone like a parent, family member, or friend who promises to pay back a loan if you don't
Capacity
Property or financial resources that can be used as insurance in case the loan is not repaid
Your current financial situation and whether you have the resources to pay back a new loan
The maximum amount you can spend on a credit card before you have to start paying it back
Buying something you need now with a promise to pay later. Credit is also a measure of financial wellness
Financial Character
the mental and moral qualities distinctive to an individual
traits like integrity, honesty, courage, loyalty, fortitude, and other important virtues that promote good behavior
the particular combination of things about a person or place, esp. things you cannot see, that make that person or place different from others
have the ability to deal effectively with difficult, unpleasant, or dangerous situations.
Child identity theft
the unauthorized removal of a minor from the custody of the child's natural parents or legally appointed guardians.
the action or crime of stealing
When someone uses a minor’s personal information, such as name, address, or Social Security number to get credit
the crime of taking something that does not belong to you, but not in a way that involves force or the threat of force
Collateral
Property or financial resources that can be used as insurance in case the loan is
not repaid
loans are those that do not require the borrower to pledge any collateral, like personal loans, student loans and unsecured credit cards
Buying something you need now with a promise to pay later
A card that lets you make monthly payments to repay money that you spend
Credit freeze
Cards withdraw money already in your account
A kind of credit card that requires you pay a cash security deposit, usually equal to the
amount of credit the company is offering
A detailed history of how you have borrowed money in the past, including how you
handled paying back loans and credit cards
Restrict access to your credit report so no new accounts can be created because you suspect identity fraud
Credit history
The record of your ability to pay back your debts
Buying something you need now with a promise to pay later. Credit is also a measure
of financial wellness.
Your current financial situation and whether you have the resources to pay back
a new loan
A number determined by your credit history. It helps lenders determine how
creditworthy you are
Credit limit
How deserving you are of getting credit, according to companies that lend money
Your current financial situation and whether you have the resources to pay back
a new loan
The maximum amount you can spend on a credit card before you have to start paying it back
A number determined by your credit history. It helps lenders determine how
creditworthy you are
Credit ratio
A number determined by your credit history. It helps lenders determine how
creditworthy you are
Buying something you need now with a promise to pay later. Credit is also a measure
of financial wellness.
Your current financial situation and whether you have the resources to pay back
a new loan
A number that shows how much of your overall credit you’re using (called utilization)
Credit report
A number determined by your credit history. It helps lenders determine how
creditworthy you are
A detailed history of how you have borrowed money in the past, including how you
handled paying back loans and credit cards
A notice placed on your credit report that alerts credit card companies that you may
have been a victim of identity theft
When a financial institution checks your credit to make a lending decision. Hard
inquiries impact your credit score.
Credit reporting companies
Companies that maintain your credit history - Equifax, Experian, and Trans-Union
A company hired to recover money that people haven’t paid back
When a financial institution checks your credit to make a lending decision. Hard
inquiries impact your credit score.
Credit checks by lenders and other financial institutions to provide preapproval for
credit cards and loans.
Credit score
How deserving you are of getting credit, according to companies that lend money
A number determined by your credit history. It helps lenders determine how
creditworthy you are
When a financial institution checks your credit to make a lending decision. Hard
inquiries impact your credit score.
The interest rate you pay on balances you carry over from month to month on a
credit card
Creditworthy
A number determined by your credit history. It helps lenders determine how
creditworthy you are
A person allowed to use a credit card account by the primary cardholder
How deserving you are of getting credit, according to companies that lend money
The record of your ability to pay back your debts
Debit card
Buying something you need now with a promise to pay later.
A card that lets you make monthly payments to repay money that you spend
A credit card offered to young people that has a lower credit limit but allows the
person to build credit
Cards that can withdraw money already in your account
Debt collection agency
A notice placed on your credit report that alerts credit card companies that you may
have been a victim of identity theft
A company hired to recover money that people haven’t paid back
Companies that maintain your credit history
A federal agency that protects consumers from deceptive and unfair business practices
Federal Trade Commission
(FTC)
Companies that maintain your credit history
A company hired to recover money that people haven’t paid back
A federal agency that protects consumers from deceptive and unfair business practices
The federal agency that monitors stock trades on the stock exchange
Fraud alert
A notice placed on your credit report that alerts credit card companies that you may
have been a victim of identity theft
When a financial institution checks your credit to make a lending decision. Hard
inquiries impact your credit score.
The fraudulent practice of sending emails pretending to be from respectable companies to get people to reveal personal information, such as passwords and credit card numbers
When someone uses a minor’s personal information, such as name, address, or Social
Security number to get credit
Grace period
the physical characteristic of displaying "pretty agility", in the form of elegant movement, poise, or balance.
Accounts that give a borrower a maximum amount of money and are open as long as
the borrower is in good standing with the lender
The time between when you spend money using the credit card and when the
company charges you interest
Buying something you need now with a promise to pay later.
Gross wages
The amount earned after taxes, benefits, and other payroll deductions are withheld from your paycheck
The amount earned before taxes, benefits, and other payroll deductions are withheld from your paycheck
The maximum amount you can spend on a credit card before you have to start paying
it back
Your current financial situation and whether you have the resources to pay back
Hard inquiry
Credit checks by lenders and other financial institutions to provide preapproval for credit cards and loans that do not effect your credit score
The fraudulent practice of sending emails pretending to be from respectable companies to get people to reveal personal information, such as passwords and credit card numbers
A detailed history of how you have borrowed money in the past, including how you
handled paying back loans and credit cards
When a financial institution checks your credit to make a lending decision which does effect your credit score
Installment accounts
A set amount of money given to a person, then paid off over time,
like a car or student loan
Accounts that give a borrower a maximum amount of money and are open as long as
the borrower is in good standing with the lender
The payment on a credit card that is the lowest amount of money
Interest
The interest rate you pay on balances you carry over from month to month on a credit card
A fee that is charged when you pay your bill after the due date
The cost of borrowing money, usually, a percentage of the loan amount
The amount earned after taxes, benefits, and other payroll deductions are withheld
from your paycheck
Late payment fee
A fee that is charged when you pay your bill after the due date
The payment on a credit card that is the lowest amount of money the cardholder can
pay each billing cycle to keep the account's status current
The fee you pay for a credit card each year
How reliable you are in repaying debts
Minimum payment
The maximum amount you can spend on a credit card before you have to start paying it back
The interest rate you pay on balances you carry over from month to month on a credit card
The payment on a credit card that is the lowest amount of money the cardholder can pay each billing cycle to keep the account's status current
The fee you pay for a credit card each year
Net wages
The amount earned before taxes, benefits, and other payroll deductions are withheld from your paycheck
A number determined by your credit history. It helps lenders determine how creditworthy you are
Property or financial resources that can be used as insurance in case the loan is
not repaid
The amount earned after taxes, benefits, and other payroll deductions are withheld from your paycheck
Paystub
(a)
Phishing
The fraudulent practice of sending emails pretending to be from respectable companies to get people to reveal personal information, such as passwords and credit card numbers
Credit checks by lenders and other financial institutions to provide preapproval for credit cards and loans. Hard inquiries impact your credit score. Soft inquiries do not impact your credit score.
A notice placed on your credit report that alerts credit card companies that you may have been a victim of identity theft
A company hired to recover money that people haven’t paid back
Revolving accounts
A kind of credit card that requires you pay a cash security deposit, usually equal to the amount of credit the company is offering
The payment on a credit card that is the lowest amount of money to keep the borrower in good standing with the lender
Accounts that give a borrower a maximum amount of money and are open as long as the borrower is in good standing with the lender
Buying something you need now with a promise to pay later. Credit is also a measure of financial wellness
Secured credit card
A card that lets you make monthly payments to repay money that you spend
Property or financial resources that can be used as insurance in case the loan is not repaid
A kind of credit card that requires you pay a cash security deposit, usually equal to the amount of credit the company is offering
Restrict access to your credit report and freeze your cards because of identity theft
Soft inquiry
When a financial institution checks your credit to make a lending decision with a negative impact on your credit score
Credit checks by lenders and other financial institutions that have no impact on your credit score
A card that lets you make monthly payments to repay money that you spend
A detailed history of how you have borrowed money in the past, including how you
handled paying back loans and credit cards
Student credit card
(a)
