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Chapter 25-26 Review

Financial Literacy: Chapter 25-26 Review: Test tmr Study!!

TermDefinition
If you have a large amount of debt, creditors will be more likely to give you credit. * True or False False
Cash loans can be used to purchase an item anywhere and are paid back like an installment loan. True or False True
The only thing that matters to most creditors is whether or not you have enough money in the bank to pay back your credit debt. True or False False
what is Credit is based on ? Trust
1 major advantage of credit convenience
Half of all people with credit problems are between the ages of _what? 18 and 32
The most important factor in determining the cost of credit is __________. The risk a CREDITOR takes
What are the 5 C's of Credit? Capacity, Character, Credit History, Collateral, Capital
Why does it cost more to use credit over cash? Creditors charge interest and transaction Fees
ADVANTAGES to using credit? -Useful in an emergency -Establishes a credit rating -Convenience -Tracks spending
A loan that is backed by collateral Secured Loan
An agency that collects information about you and other credit consumers Credit Bureau
Creditors usually charge ___________, or a fee for using their money. Interest
Some factors that affect a person’s ______________ are current debt, payment history, new credit, length of credit history and credit mix. Credit Rating
A _________ lends money or provides credit. Creditor
A loan that is not backed by collateral. Unsecured Loan
Loans repaid in regular payments over time are called Installment Loans
____________ is an agreement to get money, goods, or services NOW in exchange for a promise to pay in the FUTURE. Credit
A _______________ is the one who borrows money or uses the credit. Debtor
This determines the cost of your credit on a yearly basis. APR
The maximum amount you can spend or charge on your credit account. Credit Limit
Created by: user-1872418
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