Dave Ramsey Debt Unit Test

Front

What is the time frame that a loan agreement is in force, and before or at the end of which the loan should either be repaid or renegotiated for another term?

Back

Loan term

Front

What is a contract granting use or occupation of property during a specified time for a specified payment?

Back

Lease

Front

Which of the following is not recommended in the debt snowball method of getting out of debt?

Back

Every extra dollar you get should be thrown at the largest debt first.

Front

What is another name for credit bureau?

Back

Reporting agency

Front

What is a software or hardware device that filters information coming into your computer?

Back

Firewall

Front

What is the process of systematically paying off debts from smallest to largest called?

Back

Debt snowball method

Front

What is the term for the amount of money borrowed or the amount still owed on a loan?

Back

Principal

Front

What is the term for the interest rate that is charged on a loan or paid on an investment?

Back

Interest rate

Front

What is the term for a loan secured by the equity in a property?

Back

Home equity loan

Front

What is the term for a period during which no payments are required on a loan?

Back

Grace period