Consumer Economics Unit 7 Credit Test Review

Taking away property when a borrower fails to make loan or credit payments is called:

The law that requires creditors to inform customers about credit terms and costs is the ________.

A monthly statement would include all of the follow EXCEPT:

A claim upon property to satisfy a debt is called a ______.

A person with an established credit history who signs a credit contract along with the borrower is a ___.

A down payment is often required with open-end credit.

Your car can be repossessed if you fail to pay utility bills.

A common grace period would be:

When you complete a credit application to assess whether you are a good credit risk, you are likely to be asked:

Which of the following is an excellent credit score?

With a regular charge account, a consumer has the option of only paying a portion of the balance.

The right to cancel a loan within three business days when a home is pledged as security is the:

The Equal Credit Opportunity Act protects against discrimination for which reason(s):

You can establish a good credit history by doing any of the following EXCEPT:

Credit can lead to which of the following problems?

Property that is pledged to guarantee repayment of a loan is called ________.

Getting a cash advance on one credit card to pay off another is a good strategy for avoiding excess debt.

Name for a portion of the purchase price, paid by cash/check at the time of purchase, reduces the amount borrowed

Getting a refund on returned items is usually more difficult if they were charged.

Chapter _____ bankruptcy requires the sale of all the debtor’s property, and the money to be given to any creditors.

A credit bureau is the easiest place to obtain credit as a young adult.

The three C’s of credit include all of the following EXCEPT:

The maximum amount of credit that the creditor will extend to the borrower is called the:

If a problem arises, after you have sent a letter to the firm or company, under the Fair Credit Billing Act, you have

Agreement that gives the seller the right to declare the whole balance due if the buyer misses one installment payment

Using your credit wisely includes all of the following EXCEPT:

A final payment that is much larger than the other installments is a(n):

Dave bought a car for $25,000. He has $10,000 down payment but needs a loan for the $15,000. What is the principal?

Trading a TV for a sum far below its value to a(n) _____, who later sells it back to you for a much higher price.

Which is an example of open-end credit?

What is the court-ordered withholding of a specified sum from a person’s wages to pay a debt?

Which of the following is the cost of credit?

Which Act requires creditors to inform customers about credit terms?

The annual rate of interest that is charged for using credit is called the:

A record of a particular consumer’s transactions and payment pattern can be found on their ________.