Vocab Quiz Weeks 1 + 2 (MP3)

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

• Checking Account

• Credit

• Loan

• Mortgage

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

• Credit Score

• Loan

• Late Fee

• Co-Signer

1. The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.

• Interest Rate

• Credit Score

• Minimum Payment

• Late Fee

1. A small plastic card issued by a bank allowing the holder to purchase goods or services on credit

• Credit

• Cash Advance

• Credit Card

• Co-Signer

1. The act of withdrawing cash against your credit card limit, comes with a high APR (annual percentage rate)

• Credit Score

• Credit Card

• Credit Card Rewards

• Cash Advance

1. A numerical rating representing the perceived ability of a person to fulfill their financial commitments, based on an analysis of their credit history and current financial circumstances

• Credit Score

• Credit Card

• Credit Card Rewards

• Cash Advance

1. Something that is incurred when you do not pay your credit card statement in full at the end of the month

• Minimum Payment

• Cash Advance

• Late Fee

• Interest Rate

1. The lowest amount of money you can pay your credit card issuers every month without credit score damage

• Minimum Payment

• Cash Advance

• Late Fee

• Interest Rate

1. Typically cash back, points, or travel miles—for every dollar you spend

• Credit Score

• Credit Card

• Credit Card Rewards

• Cash Advance

Someone who signs a loan with another person (borrower/applicant) and agrees to pay the loan if the borrower is not able to repay it

• Credit

• Cash Advance

• Credit Card

• Co-Signer