Credit and Personal Budget Basics Quiz

_____ is the ability to repay a loan from present income

What is the maximum amount of credit a lender will extend to a customer?

A ___ ___ is the length of time you have before you start accumulating interest on an unpaid balance.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

A type of loan where a borrower receives a lump sum of money that is paid back in fixed amounts over a set period of time. 

A penalty on all types of credit for making a payment after its due date.

Tags

CCSS.RI.8.2

CCSS.RL.11-12.2

CCSS.RL.7.1

CCSS.RL.8.1

CCSS.RL.9-10.2

An open-ended account with a limit to how much can be borrowed but no time limit for repayment.

A written record collected by a credit agency that tracks a borrower's credit payments, whether or not these payments are made on a timely basis, and how long the borrower has had various credit accounts.

Refers to trustworthiness; one of three factors in credit scoring.

When someone uses your name, Social Security number, credit card number, and other personal information without your permission.

The interest paid on unpaid credit balances.

Tags

CCSS.7.RP.A.3