Exam (elaborations)
Foolproof Module 2 Questions and Answers 2024
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Exam of 2 pages for the course Foolproof at Foolproof (Foolproof Module 2)
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Foolproof Module 2Annual Percentage Rate (APR) - answer Cost of borrowing money on an annual basis;
takes into account the interest rate and other related fees on a loan.
Authorized User - answer A person who has permission to use and/or carry another
person's credit card, but isn't legally responsible for paying the bill.
Bankruptcy - answer A legal process to get out of debt when you can no longer make all
your required payments
Collateral - answer Something valuable that the lender can take as payment if you can't
or don't repay your secured loan
Co-Signer - answer Someone who legally agrees to take responsibility for a person's
debt if they cannot repay it
Credit - answer The ability of a customer to obtain goods or services before payment,
based on the trust that payment will be made in the future.
Credit Bureau - answer Company that collects information about your credit history and
sells it to lenders
Credit History - answer A summary of a person's borrowing and repayment history
Credit Limit - answer The maximum amount that may be borrowed on a credit card
Credit Report - answer A document containing an individual's financial information
focusing on payment of their credit obligations over time
Credit Score - answer A three-digit number (ranging from 300-850) based on an
individual's credit history detailed in a credit report
Installment Loan - answer Borrowing a specific amount and repaying the loan over a
fixed number of payments
Interest - answer the price paid for the use of borrowed money
FICO Score - answer the most commonly used credit score
Loan - answer an amount of money given to the borrower for a set period of time and
must be paid back with interest
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