PFM - Unit 3: Credit Card Management

The total dollar amount of all interest and fees you pay for the use of credit is called

• Balance Due

• Principal

• Finance Charge

An option available to charge customers whereby services are not billed until a late date

• A leverage payment plan.

• A secured loan.

• Service credit

If you go over your credit limit or make your payment late, you will likely be charged a(n)

• Penalty fee

• Annual fee

• Transaction fee

A legal business that makes high-interest loans based on the value of personal possessions is called a

• Phishing

• Loan Shark

• Pawnbroker

Credit bureaus gather information from businesses, called ____________, that pays a monthly fee to the credit bureau.

• Retailers

• Subscribers

• Debtors

When you buy an item that serves as collateral, you are taking out a(n)

• Secured loan.

• Unsecured loan.

• Fixed-rate loan.

Which of the following is the first-step most people take to establish a good credit record?

• Opening a checking/Savings account

• Taking out a person loan

• Applying for a credit card

The unpaid portion of a loan is called

• Collateral.

• Rate.

• Principal.

Money paid for the use of someone else's money is called

• Interest

• Assets

• Collateral

Form of bankruptcy for liquidation?

• Ch 11

• Ch 7

• Ch 13