COOP - Credit Test

An installment loan is one in which you agree to make monthly payments in specific amounts over a period of time

car loans, mortgage loans and credit cards all have the same interest rate

if you cannot pay your bills, the last thing you should do is contact the creditor

the most important thing that Mr. Grigg will teach you all semester is not to ruin your debt/income ratio

it is illegal for a state or local government to purchase goods on credit

a person’s reputation for paying bills on time is known as collateral

a credit application is a business or individual who is willing and able to provide information about your creditworthiness

the APR includes both service charges and interest

the consumer credit reporting reform act places the burden of proof for accurate credit information on you rather than the credit reporting company

you are not allowed to pay your own student loans while you are still attending college

the cost of using someone else’s money is called interest

simple interest =

your honesty and willingness to pay a debt when it is due

this law or act states companies must correct billing mistakes in a timely fashion

the creditor’s belief that the debtor will honor the promise to pay later for goods and services that have already been received and used

A _____ has your account numbers on it and is a written form that acknowledges that payment was made

the ratio that college kids ruin and cant buy a house is called the…

businesses or individuals from whom you have received credit in the past and/or who can help verify your credit record

which of the following is NOT a provision of the Equal Credit Opportunity Act

which loan usually comes with a better interest rate

if you cannot pay your bills you should never

which of the following is not one of the 3 C’s of credit

a credit plan that allows purchases to be charged at any time but requires that at least part of the debt be repaid each month

the R in the simple interest formula stands for what

which of the following require disclosure of the APR

the truth-in-lending-law limits your liability to ___ for unauthorized credit card purchases made prior to notifying the card issuer

the date on which a loan must be repaid in full

property that is offered as security for some loan agreements

a _____ can help you make money with cash back incentives

the percentage cost of credit on a yearly basis is

one who buys on credit or receives a loan

which of the following is an example of a bank card

your ability to pay a debt when it is due

a ______ is an initial payment of part of the purchase price that is made as part of a credit agreement

______ is a special insurance that repays the balance of the amount owed if the borrower dies. you should never buy this insurance

a _____ is someone who becomes responsible for payment of the note if the debtor does not pay as promised

a company that gathers information on credit users and sells it to businesses that offer credit is called

anyone who buys on credit is called

a statement will report all of the following information except

T in simple interest formula stands for time. time is expressed in what

a type of loan in which the lender has the right to sell property used as collateral to get back the amount of the loan in the event the loan is not repaid is an

what figure can car salesman use to make a deal look good

a company that attempts to obtain money that is past due is called

this regulation requires that you be told the cost of credit before signing an agreement

a maximum amount you are allowed to owe at one time on your credit account is called

which of the following will not help you to establish a good record of creditworthiness

which of the following is a disadvantage of using credit

a car loan is a great example of an

a written promise to repay based on debtor’s excellent credit history is an

the value of the borrower’s possessions