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CREDIT Flashcards | StudBud
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CREDIT
CREDIT
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Flashcards
23 cards
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Practice quiz
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Questions
23
Answers
1
Always pay at least your minimum payment before the due date
False
True
2
A six month loan starting on April 1st, has a maturity date of
November 1st
April 1st
September 1st
October 1st
3
Your ability to pay debt when it is due
Capacity
Character
Credit
Capital
4
Check your credit report yearly using
Any of these three
Equifax
Transunion
Experion
5
You borrow $100 at a rate of 10% for 1 Year. What is the simple interest?
$100
$110
$1
$10
6
Loan credit is available from
Many Financial Institutions
None
Savings and Loan Centers
Banks
7
Credit can lead to large amounts of debt and financial ruin if not used properly
False
True
8
A business receives a loan with terms of 5/20 n/60. When does this have to be paid by?
60 days
20 days
5 days
not enough info
9
Budget for
Neither
Long Term
Both
Short Term
10
Businesses and people should avoid long term credit
False
True
11
Credit applications
need to be filled in completely
All
will assist creditors in determining your 3 C's
contain personal information
12
Property used as security to back up a loan
Character
Capacity
Credit
Capital
13
A parent or guardian can help you receive credit by being a
Debtor
Creditor
Cosigner
Bank
14
A record of your transactions received once a month
Credit Statement
Credit Expenses
None
Credit Report
15
Your money should go towards
Savings
Bills
All
Spending
16
The percentage cost of credit
Income
Late Fee
APR
Expenses
17
Installment credit
Both
Credit Cards
Neither
Loans
18
Simple Interest Formula
PxIxC
PxRxT
PxIxT
IxTxP
19
The privilege of using someone else's money for a period of time with the promise to pay back
Capacity
Trade
Credit
Creditor
20
Be sure to shop around for credit and know the total cost before using
True
False
21
Know what you can afford before you shop and pay off your balance in full!
False
True
22
Which is not one of the three C's
Capital
Character
Capacity
Credit
23
Creditors may seek info about you from
All
Employers
Banks
Other Creditors
