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Financial Literacy Exam Review 4 Exam Questions with Complete Solutions
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  • Course
  • Financial Literacy
  • Institution
  • Financial Literacy

Credit Bureau - Answer-An organization that collects information about the financial and credit transactions of consumers. Annual Percentage Rate (APR) - Answer-cost of credit expressed as a yearly percentage Revolving Credit - Answer-credit that is automatically renewed as debts are paid o...

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Document information

  • October 12, 2024
  • 4
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • financial literacy exam review 4 exam questions wi
  • credit bureau answer an organization that collec

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  • Financial Literacy
  • Financial Literacy

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Financial Literacy Exam Review 4 Exam
Questions with Complete Solutions
Credit Bureau - Answer-An organization that collects information about the financial and
credit
transactions of consumers.

Annual Percentage Rate (APR) - Answer-cost of credit expressed as a yearly
percentage

Revolving Credit - Answer-credit that is automatically renewed as debts are paid off.

Available Credit - Answer-the preset amount of credit available on a credit card

Amortization - Answer-the reduction of a loan balance through payments made over a
period of time

Collateral - Answer-something pledged as security for repayment of a loan, to be
forfeited in the event of a default.

Repossession - Answer-Taking away property due to failure to make loan or credit
payments

Credit - Answer-An agreement in which one party lends money or provides goods or
services to another party with the understanding that payment will be
made at a later date.

Adjustable-Rate Mortgage (ARM) - Answer-a mortgage with an interest rate that
increases or decreases during the life of the loan

Bankruptcy - Answer-A legal process to get out of debt when you can no longer make
all your required payments

Mortgage - Answer-A type of secured loan used for buying property.

Down payment - Answer-a partial payment made at the time of purchase

Finance Charge - Answer-the total dollar amount you pay to use credit

Credit History - Answer-A summary of a person's borrowing and repayment history

Depreciation - Answer-A decrease or loss in value

Cosigner - Answer-Someone who promises to pay if the borrower fails to pay

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