stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Financial Literacy Module 3 Credit Knowledge Check Flashcards | StudBud
Explore
/
Financial Literacy Module 3 Credit Knowledge Check
Financial Literacy Module 3 Credit Knowledge Check
25 terms
·
StudBud Administration
·
27 plays
Review # 1 for Financial Literacy Module 3 Credit as a Tool
Flashcards
25 cards
F
Practice quiz
P
Host live
L
Questions
25
Answers
1
Law that gives you
up to 3 business days
to change your mind if use your home as collateral.
Fair Credit Reporting Act
Credit CARD Act of 2009
Equal Credit Opportunity Act
Truth In Lending Act
2
A portion of a purchase price paid by cash/check at the time of the purchase
down payment
non-installment credit
credit score
annual fee
3
The pattern of behavior in regard to repaying debt is a person's ...
credit score
credit history
default
garnishment
4
A
one-time
extension of credit for a specific amount and time period
closed-end credit
open-end credit
installment credit
revolving credit
5
An amount of money; banking-amount of money in a savings/checking account; credit-amount owed
credit
principal
creditor
balance
6
The yearly interest rate charged on outstanding credit card balances.
introductory rate
annual fee
annual percentage rate - APR
finance charge
7
The legal withholding of a specified sum from a person's wages in order to collect a debt.
installment
garnishment
delinquency
lien
8
A(n) ____________ is used for specific purchases; allows borrowers more time to repay the debt.
closed-end credit
non-installment credit
installment credit
open-ended credit
9
A reporting agency that collects information on consumer credit usage
credit counseling
credit report
credit bureau
credit score
10
Which payment method typically charges the
highest
interest rates?
Bank loans
Credit cards
Pre-paid cards
Payday loans
11
When you make a minimum credit card payment, you are ...
risk a negative effect on your credit score
making a late credit card payment
cause your credit card to be cancelled
paying a small portion of your total credit card debt
12
The simplest form of consumer credit; usually for
a very short term
such as 30 days.
closed-end credit
non-installment credit
installment credit
open-end credit
13
If Arvest Bank extends credit to Danielle to purchase a new car, Arvest is now Danielle's ___.
financial planner
credit counselor
creditor
leasee
14
Which of the following statements comparing debit cards to credit cards is
True
?
Debit cards charge higher interest rates on purchases
Debit cards typically offer greater fraud protection
Debit cards - draw funds directly from your checking account
Debit cards never require a signature to finalize a purchase
15
What is the module used to determine credit scores?
Truth In Lending Act
Fair Credit Reporting Act
Fair Issac Corporation - FICO
CARD Act of 2009
16
Credit that can be used repeatedly; sometimes referred to as a line of credit.
open-end credit
annual fee
mortgage
closed-end credit
17
The once-a-year cost of owning a credit card; part of the cost of owning a credit card
annual fee
introductory rate
annual percentage rate - APR
finance charge
18
If you are trying to stick to a budget, which payment type is best?
Payday Loan
Credit Card
Debit Card
Cash Advance
19
When shopping for a credit card, which of the following features should is best to look for?
A large credit limit
Low balance transfer fee
Low APR
The maximum amount you can charge each billing cycle
20
Law that safeguards against rate increases; sets 21 as the age for receiving a credit card.
Equal Credit Opportunity Act
Truth In Lending Act
Credit CARD Act of 2009
Fair Credit Reporting Act
21
Law that prohibits discrimination in the granting of credit
Fair Credit Reporting Act
Credit CARD Act of 2009
Truth In Lending Act
Equal Credit Opportunity Act
22
Equifax, Experian, and Trans Union are the major ...
credit bureaus
FICO Scores
loan sharks
creditors
23
Which of the following is not a FICO Score factor?
Amounts owed
Payment history
Length of credit history
Ethnicity
24
The failure to fulfill the obligations of a loan is called ___________________.
default
lien
forclosure
delinquent
25
The original amount borrowed is call the ...
balance
creditor
credit
principal
