Credit Vocabulary

Credit Vocabulary

Assessment

Flashcard

Life Skills

10th - 12th Grade

Hard

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15 questions

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1.

FLASHCARD QUESTION

Front

Is the ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future?

Back

Credit

2.

FLASHCARD QUESTION

Front

Something of value that a borrower lets the lender claim if a loan is not repaid.

Back

Collateral

3.

FLASHCARD QUESTION

Front

Is a loan that does not have collateral pledged against it.

Back

Unsecured Loan

4.

FLASHCARD QUESTION

Front

Is a thing that is borrowed, especially a sum of money that is expected to be paid back with interest.

Back

Loan

5.

FLASHCARD QUESTION

Front

Is a loan in which the borrower pledges some asset as collateral.

Back

Secured Loan

6.

FLASHCARD QUESTION

Front

The total amount of money owed lenders or creditors.

Back

Debt

7.

FLASHCARD QUESTION

Front

There is not a set payoff date for the credit.

Back

Open-end Credit

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