Select the correct term that matches the definition: how long you have to repay the loan.

Select the correct term that matches the definition: The cost of borrowing money.

Select the correct term that matches the definition: your ability to repay what you have borrowed.

Select the correct term that matches the definition: Not making payments on time, or the inability to fully pay the minimum payment amount can lead to this.

Select the correct term that matches the definition: A line of credit issued as a credit card with a set spending limit.

Select the correct term that matches the definition: A line of credit issued as a loan for a specific purchase which may be paid back in steady increments over time.

Select the correct term that matches the definition: the cost of borrowing the money - calculated as a percentage.

Select the correct term that matches the definition: property owned by a person or company that has value and can be used for debts.

Select the correct term that matches the definition: the initial amount of money borrowed.

Select the correct term that matches the definition: an asset that a lender accepts as security for a loan.

Select the correct term that matches the definition: A line of credit outlined in a contract between you and a service provider.

Select the correct term that matches the definition: a credit where money is lent for future repayment.

Select the correct term that matches the definition: happens when a borrower is unable to repay a debt - failure to make a payment.

Select the correct term that matches the definition: the period between the end of a billing cycle and the date your payment is due.

Select the correct term that matches the definition: The bank gets the right to seize (take) the borrower’s assets if the borrower defaults on the terms of the loan.

Select the correct term that matches the definition: This is when you miss one or two payments. Might show up on credit history.

Select the correct term that matches the definition: individuals or groups who provide funds and expect repayment with interest.

Select the correct term that matches the definition: The maximum amount you can charge to a credit card. Your limit is typically based on your credit score.

Select the correct term that matches the definition: Money you are borrowing from a credit card company (or financial institution) you pay back with interest.

Select the correct term that matches the definition: company that will call A LOT and send you messages to get you to pay.

Select the correct term that matches the definition: someone who receives funds and promises to pay it back later.

Select the correct term that matches the definition: The lowest amount you can pay back each billing cycle.

Select the correct term that matches the definition: yearly cost for credit card membership.

Select the correct term that matches the definition: Loan is NOT linked to the item that is being purchased.

Select the correct term that matches the definition: an elevated APR on a credit card balance due to contract violations like late payments or exceeding your credit limit.

Select the correct term that matches the definition: Annual Percentage Rate - yearly cost of borrowing money when you carry a balance.

Select the correct term that matches the definition: Law that limited the fees, interest increases and notification processes of credit card companies.

Select the correct term that matches the definition: You make payments which go into a savings account. The funds become available at the end of the loan.

Select the correct term that matches the definition: Three major companies who track credit (Equifax, Experian, TransUnion).

Select the correct term that matches the definition: If your account is in DEFAULT long enough, than items can be repossessed (taken back).

Select the correct term that matches the definition: a record of how someone manages money and debt which outlines your loans and credit card accounts.

Select the correct term that matches the definition: Established law of your right to know what is on your credit report and to be able to correct any errors.

Select the correct term that matches the definition: Can range from 300-850 - the higher the score, the more likely you are to get credit.

Select the correct term that matches the definition: This is if your home loan payments are in default long enough, they will take back your OWNERSHIP of your home.

Select the correct term that matches the definition: Requires an initial deposit; after a history of on-time payment, the card can become unsecured.

Select the correct term that matches the definition: Credit Card companies cannot discriminate on ethnicity, age, sex, race or marital status.

Select the correct term that matches the definition: A record of your credit history: how much you owe, payment history, length of time you had credit, etc.

Select the correct term that matches the definition: The process of combining many debts into one, new loan.

Select the correct term that matches the definition: A strategy that involves paying off debts with the highest interest rate first while making minimum payments on others.

Select the correct term that matches the definition: A strategy that involves paying off your smallest debts first while making minimum payments on others.

Which statement correctly distinguishes Revolving Credit, Installment Credit, and Service Credit and gives an appropriate example of each?

How does credit most directly affect you as a consumer?

In the ShadySam loan simulation, what behavior were lenders trying to encourage?

Which statement best explains the difference between secured and unsecured loans and provides a correct example of each?

In which situation would an unsecured loan most likely make the most financial sense?

In which situation would a secured loan most likely make the most financial sense?

Which option lists advantages of credit cards?

Which option lists common disadvantages of credit cards?

When choosing a new credit card, which terms should you consider?

Which consumer protection laws specifically affect credit card users?

Which factors are used to calculate a typical FICO credit score?

Why does your credit history/report matter to lenders and others?

Which actions can help build or improve your credit score?

Which debt management strategy is generally considered most effective for minimizing total interest paid while staying current on all debts?

When might declaring bankruptcy make financial sense?

Which statement correctly contrasts Chapter 7 and Chapter 13 bankruptcy?