Loans, Credit and Credit Card Test
Flashcard
•
Life Skills
•
11th Grade
•
Hard
Wayground Content
FREE Resource
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45 questions
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1.
FLASHCARD QUESTION
Front
What is the difference between revolving credit and installment credit?
Back
Revolving credit renews automatically while installment credit has fixed payments.
2.
FLASHCARD QUESTION
Front
What is an appreciating asset?
Back
An asset that increases value over time.
3.
FLASHCARD QUESTION
Front
What is a depreciating asset?
Back
An asset that loses value over time.
4.
FLASHCARD QUESTION
Front
What is collateral when using for loans?
Back
An asset that secures the loan.
5.
FLASHCARD QUESTION
Front
Which term describes the difference between what you owe on your home and what you could get from the current market value?
Back
Equity
6.
FLASHCARD QUESTION
Front
The additional cost of borrowing money you need to pay is called
Back
Interest
7.
FLASHCARD QUESTION
Front
A legal claim against (or right to take/own) an asset until the debt is repaid, usually put on homes.
Back
Lien
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