Payments on a credit account include both principal and interest.

Carrying a credit card is much more dangerous than carrying cash.

Most credit cards are revolving credit agreements.

Before granting you credit, a creditor will check into your past credit performance.

If you hire a credit guard service company, you will be notified whenever anyone accesses your credit file for any reason.

Any negative information that could harm your ability to get credit remains in your credit report for 10 years.

If the economy is slowing and unemployment in your area is rising, creditors may be less willing to grant you a loan.

Once credit is established, most people should plan on having at least eight to ten credit cards at any given time.

The need for credit arose in the United States with the dawn of the

Which of the following transactions would likely be difficult to make without a credit card?

Tammi wants to buy a new stereo system. She finds one for $500 at Stereo City. She withdraws $250 from her account at First National Bank and obtains a loan from her parents for the rest of the amount. Then she purchases the stereo. In this scenario, who is the debtor?

The total dollar amount of all interest and fees you pay for the use of credit is called the

A service available to charge customers whereby purchases are not billed until much later than the standard billing time is called

Once difference between a charge card and a credit card is that

Which of the following is least likely to offer service credit?

A legal business that makes high-interest loans based on the value of personal possessions is called a

Credit reports are issued by

Credit bureaus gather information from businesses, called _________, that pay a monthly fee to the credit bureau.

Which of the following might be included in your credit report?

The financial ability to repay a loan with present income is known as

The Consumer Financial Protection Bureau was created by the

Simon pays his bills on the due date or within a ten-day grace period. This would probably earn him a(n)

On a FICO score, new credit is rated based on

Early in the history of the United States, credit consisted of a store account with a local retailer, and interest was rarely charged.

The use of someone else's money, borrowed now with the agreement to pay it back later, is called ___________________.

A(n) _____________________ is a person or business that loans money to others.

Property pledged to assure repayment of a loan is called __________________.

With ________________ credit, a borrower can use credit up to a stated limit.

A(n) ________________ company is an organization that makes high-risk consumer loans.

Mackenzie wants to purchase a new sofa for $900. Her brother tells her that if she can come up with 75% of the purchase price, he will lend her the rest of the amount. If Mackenzie produces the required amount, what will be the amount of the loan she receives from her brother?

The average daily balance on your credit card statement this month is $300. If the annual finance charge on your account is 18%, what will the finance charge be on your statement this month?

Jerry needs some quick cash and decides to pawn his diamond ring, which is appraised at $750. The pawnbroker agrees to give Jerry a loan for 15% of the ring's appraised value. What is the amount of the loan the pawnbroker made to Jerry?

A credit _____________ is a written statement of a consumer's credit history.

Property pledged to assure repayment of a loan is called __________________.

Your credit ________________ is a measure of creditworthiness based on an analysis of your credit and financial history.

When a credit bureau adds up your credit points, they result in a credit ____________ .

A(n) _______________ is a person or company hired by a creditor to collect the overdue balance on an account.

Credit is the most commonly used method of purchase in the United States.

If there is a problem with a purchase, credit cardholders can withhold payment until it is resolved.

If a retail store offers its own credit card, it probably will not accept cards issued by major credit card companies such as Visa or Discover.

Life insurance policies that build cash value can be used to borrow money.

Your financial position is based on your ________________ .

Which of the following is often the first step people take to establish a good credit record?

This law requires lenders to fully inform consumers about all costs of a credit purchase before an agreement is signed: