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Credit Management

Subject : personal-finance
Instructions:
  • Answer 39 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. A person who promises in writing to repay a promissory note if the maker fails to pay






2. A part of the purchase price paid in cash up front - reducing the amount of a loan






3. The remaining credit available to you; calculated as your credit limit minus the amount you have already spent






4. Small loan companies that usually charge high interest rates






5. A loan for a specific amount that must be repaid in full - including all finance charges - by a stated due date






6. A person who owes money to others






7. An agreement to lend the borrower an amount up to a stated limit and to allow borrowing up to that limit again whenever the balance falls below the limit






8. A responsible attitude toward living up to agreements






9. A measure of credit-worthiness based on an analysis of a consumer's financial history






10. The total dollar amount of all interest and fees you pay for the use of credit






11. The complete record of your borrowing and repayment performance






12. Property possessed that is worth more than debts owed






13. A company that gathers - stores - and sells credit information to business subscribers






14. A pre-established amount that can be borrowed on demand with no collateral






15. A written statement of a consumer's credit history issued by a credit bureau to its business subscribers






16. The value of your next best alternative whenever you make a choice






17. Debts erased by the court during bankruptcy proceedings






18. The interest rate lenders offer to their best business customers






19. A loan that is not backed by pledged assets






20. The percentage charged for the use of money






21. Ingredients necessary for maintaining physical life






22. Money borrowed to buy something now with an agreement to pay for it later






23. The cost of credit expressed as a yearly percentage






24. A person who actively promotes consumer causes






25. An agreement to have a service performed now and pay for it later






26. A shopping method that enables consumers to determine whether they are getting the best quality for the price






27. Loans for which the interest rate does not change (up or down) over the life of the loan






28. Treating people differently based on prejudice rather than individual merit






29. The length of time the borrower will take to repay a loan; expressed as a fraction of a year






30. Your total borrowing should not exceed 20 percent of your yearly take-home pay - and you should not take on monthly payments that total more than 10 percent of your monthly take-home pay






31. The intentional misrepresentation of information with the intent to deceive or mislead






32. Property pledged to a creditor to assure repayment of a loan






33. The ability to repay a loan with present income






34. An itemized bill showing charges - credit - and payments posted to your account during the billing period






35. A legal process that relieves debtors of the responsibility of paying their debts or protects them while they try to repay






36. Interest computed on the amount borrowed only without compounding






37. A legal process that allows part of your paycheck to be withheld for payment of a debt






38. The ideals in life that are important to you and affect your decision making






39. The amount borrowed - or the unpaid portion of the amount borrowed - on which the borrower pays interest






?:?:)

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