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Get and Keep Credit Test

Enter the letter for the matching Answer
incorrect
1.
the interest rate always remains the same
incorrect
2.
total amount it costs the borrower with the APR and all the finance charges of the loan.
incorrect
3.
If you stop making payments the creditor has legal rights to take it back.
incorrect
4.
amount of time allowed to repay a debt without having to pay interest charges.
incorrect
5.
the amount of borrowed money that is still owed and on which interest is based.
incorrect
6.
The act of looking forward
incorrect
7.
Not backed by collateral
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8.
A loan given in cash by a credit card company
incorrect
9.
Whether he or she has proven to be trustworthy in repaying debts.
incorrect
10.
someone who agrees to be responsible for a debt if the main applicant does not repay it.
incorrect
11.
a portion of the total cost that is paid when a product or service is purchased.
incorrect
12.
Backed by collateral
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13.
Having characteristics in common.
incorrect
14.
money lent by one party to another at interest
incorrect
15.
Determines the cost of credit on a yearly basis
incorrect
16.
amount of money the applicant has beyond his or her debts.
incorrect
17.
Keep in an existing state
incorrect
18.
Gain or attain, usually by planned action or effort.
A.
Grace Period
B.
Obtain
C.
Principal
D.
Similar
E.
Finance charge
F.
Fixed Rate
G.
Maintain
H.
Unsecured Loan
I.
Secured Loan
J.
Down Payment
K.
Loan
L.
Cash Advantage
M.
Character
N.
Cosigner
O.
Capital
P.
Annual Percentage Rate
Q.
Anticipation
R.
Repossess
Type the Answer that corresponds to the displayed Question.
incorrect
19.
The least quantity assignable, admissible, or possible.
incorrect
20.
A part or share of something
incorrect
21.
Court order to take all or part of a debtor's paycheck if he or she stops making payments.
incorrect
22.
Present or propose to another for review, consideration, or decision
incorrect
23.
A significant or major affect.
incorrect
24.
applicants ability to repay the loan
incorrect
25.
a loan agreement secured by property
incorrect
26.
interest based on the original principle alone.
incorrect
27.
an interest rate that fluctuates or changes over the life of the loan.
incorrect
28.
maximum amount a card holder can charge on a credit card.

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