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Key Terms Section 1 Section 2 Section 3 Section 4
100
Depreciation
a decrease or loss in value
100
Personal Debt
the amount of money an individual person owes
100
Secured Loan
usually needed when borrowing large amounts of money; usually have lower interest rates and longer repayment terms
100
Fair Isaac Corporation
what does FICO stand for?
100
Layaway
an agreement in which the seller reserves an item for a buyer until the buyer pays for the item in full
200
Credit Card
type of card issued by a bank that allows users to finance a purchase
200
National Debt
the amount of money a country owes
200
Repossession
process of a lender taking something back (like a car) for failure to make payments
200
Credit Bureaus
commonly referred to as consumer reporting agencies or credit reporting agencies
200
Federal Trade Commission
what does FTC stand for?
300
Loan Term
time frame that a loan agreement is in force, and before or at the end of which the loan should either be rapid or renegotiated for another term
300
C. 39%
___ of incoming college freshman already have a credit card.
A. 12%
B. 24%
C. 39%
D. 48%
300
Bankruptcy
a legal procedure for dealing with debt when an individual or business cannot repay what they owe
300
FICO and VantageScore
what are two major credit scoring systems?
300
Home Equity Loan
borrowing money against your house
400
Introductory Rate
an interest rate charged to a customer during the early stages of a loan
400
Obligated
when someone borrows money from another, they are _________ to repay.
400
D. quit borrowing more money!
what is the first step to getting out of debt?
A. sell something
B. use the debt snowball method
C. save money
D. quit borrowing money
400
the risk of you not repaying your debt
what does credit score measure?
400
D. Experian, TransUnion, and Equifax
what are the three main credit bureaus?
A. Experian, Equifax, and Innovis
B. Equifax, Innovis, and ChexSystems
C. McDonald, Wendy's, and Burger King
D. Experian, TransUnion, and Equifax
500
Debt Snowball
minimum payments are made to all debts except for the smallest, which is attacked with the largest possible payments
500
A. $18.5 billion
total 2011 earnings for the entire credit card industry were_____.
A. $18.5 billion
B. $14.6 billion
C. $17.2 billion
500
A. 3.5
what is the average number of credit cards per person?
A. 3.5
B. 1.5
C. 2
D. 1
500
B. 176.8 million
the total number of card holders in the U.S. is...?
A. 154.8 million
B. 176.8 million
C. 184.6 million
500
Inaccurate Information
the only information that may be legally removed from a credit report is...?






Chapter 4: Debt

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