2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Short Answers VocabCredit Terms True.

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Presentation transcript:

2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Short Answers VocabCredit Terms True or False? T OR F?

A loan that is backed by collateral

What is a secured loan?

The cost of credit expressed as a yearly percentage.

What is APR— annual percentage rate?

A financial institution that is owned and operated by members to provide savings accounts and low interest loans

What is a credit union?

The amount that you originally borrow.

What is principal?

Cost of credit expressed in terms of dollars and cents

What is finance charge?

Rating of the risk involved in lending to a person or business.

What is credit rating?

What is a depository institution owned and operated by its members to provide savings accounts and low-interest loans only to their members

What is a credit union?

A bank whose main function is to accept deposits, lend money, and transfer funds among banks, individuals, and businesses.

What is a commercial bank?

Installment debt owed on houses, buildings, or land

What is a mortgage?

An example of this type of financial institution is Payday Advance Company

What is a Consumer Finance Company?

Something of value that a borrower lets the lender claim if a loan is not repaid.

What is collateral?

One of the “Cs” that deals with financial reputation.

What is “Character?”

This type of loan is considered ‘safer’ because it is backed by collateral.

What is a Secured Loan?

Legally declaring that a person is unable to pay off debts owed with available income.

What is personal bankruptcy?

The Act that prohibits ‘providers’ from denying credit because of race, religion, national origin, gender, marital status, or age.

What is the Equal Credit Opportunity Act?

Bankruptcy proceedings could remain on your credit record for as long as 10 years.

TRUE

A state usury law restricts the number of days a consumer has to pay his/her credit card bill.

FALSE A state usury law restricts the amount of interest that can be charged for credit.

One advantage of using credit is the ability for you to spread your payments over a period of time.

TRUE

If you have been arrested for forgery, the “C” of creditworthiness affected is “Capacity.”

FALSE The “C” of Creditworthiness is that is lacking with an arrest record is “Character”

Having clear title to your car best represents the Creditworthiness Capacity to pay.

FALSE-- Owning assets (car, house, etc.) is an example of “Collateral” Creditworthiness

If your APR is 18%, it means that you pay $18 per year for every $1,000 you owe.

FALSE—18% APR means you will pay $18 a year on every $100 you owe.

An example of a durable good is a sack of groceries.

FALSE Durable goods are manufactured items that have a life span longer than 3 years.

If you declare personal bankruptcy, you would still be responsible for paying your taxes.

TRUE

The minimum number of days your credit card company has to deliver your bill before the payment date is 30 days

FALSE The number of days is 21 days

A credit card company cannot generally increase your credit card rates for at least 18 months.

FALSE Generally the introductory rate cannot be raised for at least 6 months.