WorksheetsPF Unit 4 Test
Total questions: 32
Worksheet time: 19mins
Value of property you own such as bank accounts investments real estate, after deducting debts.
Credit
Capital
Collateral
Finance Charge
Line of Credit
The use of someone else's money borrowed now and agreed to pay back later.
Credit
Capital
Collateral
Finance Charge
Line of Credit
Property pledged to assure repayment of a loan.
Credit
Capital
Collateral
Finance Charge
Line of Credit
The total dollar amount of all interest and fees you pay for credit.
Credit
Capital
Collateral
Finance Charge
Line of Credit
Established amount that can be borrowed on demand with no collateral.
Credit
Capital
Collateral
Finance Charge
Line of Credit
Open ended credit
Borrower can use credit up to a stated limit
Cost of credit expressed as a yearly percentage.
loan for a specific amount that must be repaid in full.
organization that makes high-risk consumer loans
Legal business that makes high-interst loans based on the value of personal possessions.
APR
Borrower can use credit up to a stated limit
Cost of credit expressed as a yearly percentage.
loan for a specific amount that must be repaid in full.
organization that makes high-risk consumer loans
Legal business that makes high-interst loans based on the value of personal possessions.
Closed end credit
Borrower can use credit up to a stated limit
Cost of credit expressed as a yearly percentage.
loan for a specific amount that must be repaid in full.
organization that makes high-risk consumer loans
Legal business that makes high-interst loans based on the value of personal possessions.
Finance Company
Borrower can use credit up to a stated limit
Cost of credit expressed as a yearly percentage.
loan for a specific amount that must be repaid in full.
organization that makes high-risk consumer loans
Legal business that makes high-interst loans based on the value of personal possessions.
Pawnbroker/ Pawnshop
Borrower can use credit up to a stated limit
Cost of credit expressed as a yearly percentage.
loan for a specific amount that must be repaid in full.
organization that makes high-risk consumer loans
Legal business that makes high-interst loans based on the value of personal possessions.
The complete record of all your borrowing and repayments.
Credit History
Credit Report
Creditworthy
Capacity
Cosigner
written statement of you credit history with a calculated number of your creditworthiness.
Credit History
Credit Report/score
Creditworthy
Capacity
Cosigner
Determination if you are a good credit risk, partially determined by your credit score.
Credit History
Credit Report/score
Creditworthy
Capacity
Cosigner
Financial ability to repay a loan. Partially used to determine creditworthiness.
Credit History
Credit Report/score
Creditworthy
Capacity
Cosigner
Someone who promises to repay a debt if the borrower fails to pay.
Credit History
Credit Report/score
Creditworthy
Capacity
Cosigner
Credit Score
Likelihood you repay your debt, higher number means you are more likely to repay.
Company hired by a creditor to collect the overdue ballance
Equal Credit Opportunity was encacted to prevent this.
Debt Collector
Likelihood you repay your debt, higher number means you are more likely to repay.
Company hired by a creditor to collect the overdue ballance
Equal Credit Opportunity was encacted to prevent this.
Discrimination
Likelihood you repay your debt, higher number means you are more likely to repay.
Company hired by a creditor to collect the overdue ballance
Equal Credit Opportunity was enacted to prevent this in lending.
When you buy something without making a conscious well thought out decision.
Impulse buying
Garnishment
Phishing
Unused Credit
Rewards program
Legal process allowing part of your paycheck to be directed towards debt repayment.
Impulse buying
Garnishment
Phishing
Unused Credit
Rewards program
Scams that deceive you into disclosing valuable personal information.
Impulse buying
Garnishment
Phishing
Unused Credit
Rewards program
Remaining credit available to you.
Impulse buying
Garnishment
Phishing
Unused Credit
Rewards program
Payback in the form of points. They will never be more valuable than the cost of not paying the balance off in full, or having a late payment.
Impulse buying
Garnishment
Phishing
Unused Credit
Rewards program
Interest rate offered to the best business customers.
Prime Rate
Fixed Rate loans
Variable Rate Loans
Principal
Down payment
Interest rates do not change for the life of the loan, thus payments should remain the same over time.
Prime Rate
Fixed Rate loans
Variable Rate Loans
Principal
Down payment
Interest rates change over the life of the loan based on Fed Funds Rate or other benchmark. Can make the payment amounts drastically increase and become unafordable.
Prime Rate
Fixed Rate loans
Variable Rate Loans
Principal
Down payment
The amount initially borrowed.
Prime Rate
Fixed Rate loans
Variable Rate Loans
Principal
Down payment
Part of the purchase price paid in cash upon borrowing the remaining ballance.
Prime Rate
Fixed Rate loans
Variable Rate Loans
Principal
Down payment
Legal process that relieves debtors of repaying debts or protects them while they attempt to repay. Has long lasting negative impacts on your ability to borrow.
Credit Management
Credit Counseling
Bankruptcy
Helps consumers manage debts and credit more wisely. May not be free.
Credit Management
Credit Counseling
Bankruptcy
An individual plan for using credit wisely, recognizing your limited ability to repay.
Credit Management
Credit Counseling
Bankruptcy
Review the items you listed as necessary on the "Brian's Skis" assignment. With the average American paying 30% interest on credit card debt, explain how that affects your views on carrying credit card debt. List and discuss any items you would remove from your necessary list. Explain your basic plan to responsibly use credit cards and manage your debt.
