FINANCE FINAL STUDY GUIDE 2024 QUESTIONS WITH COMPLETE ANSWERS ALREADY PASSED

What is principal? A. The fee that is paid to borrow money. B. The rate lenders charge borrowers for money. C. The paying off of a debt with a fixed repayment schedule in regular installments over a period of time. D. The non-interest portion of a loan. - CORRECT ANSWER D What is a credit score? A. A score from a test given to borrowers by lenders. B. An average of all of a borrower's credit accounts. C. A number that represents the risk a lender takes on a borrower. D. A number that represents how much money a borrower owes. - CORRECT ANSWER C What type of loan is a credit card? A. Open-ended B. Closed-ended - CORRECT ANSWER A What is a loan? A. A sum of money that is borrowed, which is expected to be paid back with interest. B. The fee that is paid to borrow money. C. The paying off of a debt with a fixed repayment schedule in regular installments over a period. D. The rate lenders charge borrowers for money. - CORRECT ANSWER A Consumer credit can help a lender determine how much a borrower is charged to borrow money. A. False B. True - CORRECT ANSWER B What is interest? A. The non-interest portion of a loan. B. The paying off of a debt with a fixed repayment schedule in regular installments over a period of time. C. The rate lenders charge borrowers for money. D. The fee that is paid to borrow money. - CORRECT ANSWER D The three major credit bureaus are Equifax, TransSiberian, and Experion. A. False B. True - CORRECT ANSWER A The three major credit bureaus are Equifax, TransSiberian, and Experion. A. False B. True - CORRECT ANSWER A (it is TransUnion)