WISE - Credit Exam Questions and Answers
with Verified Solutions | Latest Updated 2026
5 C's of credit 5 C's of credit
auto finance companies financial organization that specializes in
automobile loans to consumers
balance owed the amount left over after subtracting, as,
for
example, the amount owed on a loan (also
called
principal balance) or the amount in an
account
bank a financial institution that accepts deposits
and
channels the money into lending activities
bankruptcy Chapter 7 dealing with liquidation, provides for a
court-
appointed interim trustee to make
management
changes, arrange unsecured financing,
and
generally operate the debtor business to
prevent
loss.
, bankruptcy Chapter 11 deals with reorganization of businesses,
provides
that, unless the court rules otherwise, the
debtor
remains in possession of the business and
in
control of its operation
bankruptcy Chapter 13 deals with debt adjustment or
reorganization for
individuals, allows people to put forward a
plan to
repay creditors over time, usually from
future
income
cash advances money lent: a loan given in cash,
especially by an
employer or credit card company, in
anticipation of
the borrower's being able to repay it
charge cards a card used for making payments; balance
must be
paid in full when the statement is received
consolidation loans one large loan made to consumers to pay
several
debts at once
Consumer Credit Counseling a nonprofit agency that gives free advice to
Services (CCCS) people
in financial difficulties
with Verified Solutions | Latest Updated 2026
5 C's of credit 5 C's of credit
auto finance companies financial organization that specializes in
automobile loans to consumers
balance owed the amount left over after subtracting, as,
for
example, the amount owed on a loan (also
called
principal balance) or the amount in an
account
bank a financial institution that accepts deposits
and
channels the money into lending activities
bankruptcy Chapter 7 dealing with liquidation, provides for a
court-
appointed interim trustee to make
management
changes, arrange unsecured financing,
and
generally operate the debtor business to
prevent
loss.
, bankruptcy Chapter 11 deals with reorganization of businesses,
provides
that, unless the court rules otherwise, the
debtor
remains in possession of the business and
in
control of its operation
bankruptcy Chapter 13 deals with debt adjustment or
reorganization for
individuals, allows people to put forward a
plan to
repay creditors over time, usually from
future
income
cash advances money lent: a loan given in cash,
especially by an
employer or credit card company, in
anticipation of
the borrower's being able to repay it
charge cards a card used for making payments; balance
must be
paid in full when the statement is received
consolidation loans one large loan made to consumers to pay
several
debts at once
Consumer Credit Counseling a nonprofit agency that gives free advice to
Services (CCCS) people
in financial difficulties
