Credit Management Test Review

Front

________ is the use of someone else's money, borrowed now with the agreement to pay it back later.

Back

Credit

Front

Between 1920 and 1990, buying on _______ became the American way of life.

Back

Credit

Front

A ___________ is a person who borrows money from others.

Back

Debtor

Front

A _________ is a person or business that loans money to others.

Back

creditor

Front

To qualify for credit, you must have the ability to repay the loan. Qualifications are based on: income, capital, collateral.

Back

income, capital, collateral

Front

Two disadvantages of credit are

Back

paying finance charges, overspending

Front

Your credit __________ is the complete record of your borrowing and repayment performance.

Back

history

Front

TransUnion, Experian and Equifax are 3 of the big national credit ____________.

Back

bureau's

Front

Using the bank’s money that’s borrowed now, with an agreement to pay it back later:

Back

Credit

Front

For an automobile loan the car is considered_____. If loan is not paid, the car will be repoed.

Back

Collateral