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Credit Vocabulary-Roberts Flashcards | StudBud
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Credit Vocabulary-Roberts
Credit Vocabulary-Roberts
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Credit Vocabulary questions from Pearson's Personal Financial Literacy
Flashcards
28 cards
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Practice quiz
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Questions
28
Answers
1
Assets that have been pledged against a loan repayment.
collateral
grace period
bonus cash
cosigner
2
Allows consumers to borrow up to some preset maximum amount.
grandmother
revolving open-ended credit
non-installment credit
installment loan
3
Organization that collects credit information about individual consumers.
free credit report
credit monitor
credit bureau
credit score
4
Has an asset pledged against the loan.
security deposit
secured loan
down payment
asset protection
5
Allows a homeowner to borrow against the equity in his or her home.
home equity loan
interest
principal
mortgage
6
A feature that allows a person to “overdraw,” or exceed the credit limit.
Parental control
overdraft
loan
overdraft protection
7
The common term for the type of loan people take to purchase a home.
mortgage
home loan
home equity loan
home repayment
8
A loan that is not backed by collateral. It is based solely upon the borrower’s credit rating.
personal loan
lost money
unsecured loan
gift
9
The simplest form of consumer credit. It is usually for a very short term, 30 to 90 days.
installment
non-installment credit
payday loan
pawn
10
Created by credit bureaus to assess an individual’s creditworthiness.
credit rating
credit card
credit
credit score
11
Used for specific purchases; allows the borrower more time to repay at a set amount each month.
installment credit
pay day loan
credit card
pawn shop
12
The total amount of money outstanding on a loan.
principal
balance
loan amount
mortgage
13
Combining many small accounts into one larger account that may be financed at a lower rate.
debt reduction
grace period
debt consolidation
debt counseling
14
Holds items in exchange for loans that run for 30 days to as much as three months.
pusher
pimp
principal
pawnbroker
15
Time in which credit card companies do notcharge interest on purchases
grace given
grace period
grace time
grace session
16
Provides individuals revolving credit, that can be draw from repeatedly up to a pre-set limit.
home equity loan
debit card
credit card
loan card
17
A loan in which there is no collateral pledged.
unsecured loan
pawn
personal loan
gift
18
Money a lender makes available with the understanding that the borrower will repay it.
interest
collateral
service charge
credit
19
The initial upfront portion of the total amount due on a purchase.
cash
principal
down payment
collateral
20
A long-term rental agreement.
less
loan
contract
lease
21
A person, other than the principal borrower, who signs for a loan and assumes equal liability.
nice person
credit report
Dad
cosigner
22
Additional insurance coverage to cover things such as jewelry or valuable heirlooms.
policy rider
secured loan
locked door
smith and wesson
23
The difference between what is owed on a home and what the home is worth.
collateral
equity
a lot
mortgage
24
Fee charged by a lender on money borrowed.
debt
service charge
credit
interest
25
Summarizes an individual’s existing and past lines of credit.
credit rating
credit agency
credit score
credit report
26
When someone uses an individual’s personal information without permission for personal gain.
identity theft
group work
collaboration
cheating
27
Lender provides cash advances to customers who provide a check dated some time in the future.
paypal
payday lending
rip off
pawn
28
The interest rate that shows what an account will earn annually with compounding factored in.
annual interest rate
annual percentage rate
annual credit report
annual signing day
