W!SE CERIFICATION REVIEW WITH MULTIPLE
CHOICE OF QUESTIONS AND DETAILED CORRECT
ANSWERS ALREADY GRADED A+ AND 100%
GUARANTEE PASS ( JUST RFELASED!!!!!)
credit reporting agencies - CORRECT ANSWER-equifax, transunion, and
experian keep a record of consumer's credit transactions
finance charge - CORRECT ANSWER-is the total dollar amount you pay to use
credit.
default - CORRECT ANSWER-failure to pay back a loan
lien - CORRECT ANSWER-the legal claim of one person upon the property of
another person to secure the payment of a debt or the satisfaction of an
obligation.
payday loans - CORRECT ANSWER-a loan where a borrower gets a cash
advances based on his paycheck
revolving credit - CORRECT ANSWER-a type of open credit agreement that
allows consumers to pay all or part of the outstanding balance on a loan or
credit card.
, installment credit - CORRECT ANSWER-a type of closed credit where the loan is
repaid with interest in equal periodic payments. Example: car loan,
mortgage
truth in lending - CORRECT ANSWER-Credit legislation that is federal they
have to tell you the truth about their lending. Have to tell the whole truth in
lending practices.
Repossession - CORRECT ANSWER-taking away property due to failure to
repay the debt
predatory lending - CORRECT ANSWER-take advantage of ill-informed
consumers through excessively high fees
Principal - CORRECT ANSWER-The money originally invested or loaned, on
which basis interest and returns are calculated
Collateralized Loan - CORRECT ANSWER-A loan that is secured by collateral,
properties or assets that are subject to seizure on default.
Barter - CORRECT ANSWER-exchange goods without involving money
Garnishment - CORRECT ANSWER-a legal process that allows part of your
paycheck to be withheld for payment of a debt
gross pay - CORRECT ANSWER-the total amount you earn before any
deductions are subtracted
CHOICE OF QUESTIONS AND DETAILED CORRECT
ANSWERS ALREADY GRADED A+ AND 100%
GUARANTEE PASS ( JUST RFELASED!!!!!)
credit reporting agencies - CORRECT ANSWER-equifax, transunion, and
experian keep a record of consumer's credit transactions
finance charge - CORRECT ANSWER-is the total dollar amount you pay to use
credit.
default - CORRECT ANSWER-failure to pay back a loan
lien - CORRECT ANSWER-the legal claim of one person upon the property of
another person to secure the payment of a debt or the satisfaction of an
obligation.
payday loans - CORRECT ANSWER-a loan where a borrower gets a cash
advances based on his paycheck
revolving credit - CORRECT ANSWER-a type of open credit agreement that
allows consumers to pay all or part of the outstanding balance on a loan or
credit card.
, installment credit - CORRECT ANSWER-a type of closed credit where the loan is
repaid with interest in equal periodic payments. Example: car loan,
mortgage
truth in lending - CORRECT ANSWER-Credit legislation that is federal they
have to tell you the truth about their lending. Have to tell the whole truth in
lending practices.
Repossession - CORRECT ANSWER-taking away property due to failure to
repay the debt
predatory lending - CORRECT ANSWER-take advantage of ill-informed
consumers through excessively high fees
Principal - CORRECT ANSWER-The money originally invested or loaned, on
which basis interest and returns are calculated
Collateralized Loan - CORRECT ANSWER-A loan that is secured by collateral,
properties or assets that are subject to seizure on default.
Barter - CORRECT ANSWER-exchange goods without involving money
Garnishment - CORRECT ANSWER-a legal process that allows part of your
paycheck to be withheld for payment of a debt
gross pay - CORRECT ANSWER-the total amount you earn before any
deductions are subtracted
