WorksheetsCredit/Debt Terms Review
Total questions: 37
Worksheet time: 19mins
Using credit means a person will pay _______for something than it costs.
less
more
same
equal
Why should you worry about having "good credit?"
better credit terms
something you can brag about
it's the adult thing to do
bad credit is very expensive to live with
A credit score in the 500s would be defined as...
good
poor
excellent
fair
Which One Is A Credit Reporting Agencies ?
Cpm Credit Union
Carfax
Chase Bank
Equifax
What Is Late Payment Fee ?
A Payment That Is Due When You Fail To Make Payment On Time
Weak Matches
Punctual Owning Payable Unsettled
Debt
Overdue
Failure to pay back a loan.
Default
Interest
Principal
Repossession
The annual rate of interest that is charged for using credit
APR
Fixed Rate
Variable Rate
Finance Charge
The total amount of money owed lenders or creditors.
Loan
Debt
Credit
Collateral
Something of value that a borrower lets the lender claim if a loan is not repaid.
Loan
Debt
Credit
Collateral
What is a credit limit?
The maximum amount you can borrow on a credit card
The minimum payment required each month
The interest rate on a credit card
The total amount of debt you owe
What is a credit score?
A number that represents your creditworthiness
The amount of money you owe
The interest rate on your loans
The total amount of credit available to you
What is a secured credit card?
A credit card that requires a security deposit
A credit card with no spending limit
A credit card with a fixed interest rate
A credit card that offers rewards
Which of the following is a consequence of having a low credit score?
Lower interest rates on loans
Higher chances of loan approval
Higher interest rates on loans
More credit card offers
What Is A Returned Payment Fee ?
A Charge Incurred When A Consumer Bounces A Payment
Something You Owe To The Bank
Gifting Someone
Declined Payment
The original amount in a bank account OR borrowed for a loan
Interest
Principal
Term
Credit Score
A small plastic card issued by a bank, business, etc., allowing the holder to purchase goods or services on credit
Gift Card
Debit Card
Credit Card
Birthday Card
An initial payment made when something is bought on credit
Debt
Down Payment
Principal
Interest
An installment loan that provides money for a car
Personal Loan
Auto Loan
Mortgage
Student Loan
Which of the following statements comparing credit and debit cards is TRUE?
Businesses accept credit cards more often than debit cards.
Credit card companies provide you with a monthly statement while debit cards do not.
When you use a credit card, the money comes directly from your bank account.
With debit cards, you are spending your own money, with credit cards you are promising to pay the money back.
When borrowing money, the longer your term length, the _______________ your monthly payments and the _______________ the total interest you will pay.
lower, higher
lower, lower
higher, lower
higher, higher
Money owed to another person or company is considered to be _____.
credit
debt
equity
collateral
A lien is ...
the increase in value of a home over time; the difference between the amount owed and what the home could be sold for
a legal claim (or right to own) against an asset until the debt (loan) is repaid
the loss of value of an asset over time
something owned (that has value) offered as security on a debt; if the debt is not repaid as agreed, the item is forfeited to the lender
An asset that increases in value over time is _____.
Equity
Depreciating Asset
Appreciating Asset
Negative Equity
This is the increase in value of a home over time or the difference between the amount owed and what the home could be sold for.
Negative Equity
Equity
Interest
Principal
Depreciating Assets ...
Lose value over time
Increase in value over time
are offered as security on a debt
are legal claims (or right to own) against an asset until a debt is repaid
The _____ is the amount of time, in months, that you'll be making payments on a loan.
interest
principal
term
rate
Which is not considered to be a common credit card fee?
Annual fee
Balance transfer fee
Under Limit Fee
Cash advance fee
Select all the main credit card types
VISA
Mastercard
American Express
Disney
