Credit Terms
The amount you still owe on a credit card is called
Balance
A person or organization that helps people manage debt is called.
Credit counselor
John noticed a problem in her community and started a small business to solve it. What is John called?
Entrepreneur
A driver hits a pole, damaging his own car. Which type of auto insurance would help pay for the damage?
Collision coverage
This type of credit is backed by something valuable that the lender can take if the borrower does not repay. What type of credit is this?
Secured credit
Checking your own credit report without hurting your score is called
Soft pull/Inquiry
Combining several debts into one new loan is called
Debt consolidation
If someone is good at solving problems, listening, and working with others, what type of skills are these?
Soft skills
A driver causes an accident and damages another person’s car. Which type of auto insurance would help pay for the other person’s damage?
Liability coverage
Duc has a credit card with a $1000 credit limit. His outstanding balance is currently $700. What is the maximum amount he can now spend on this credit card?
$300
If a bank checks your credit report after you apply for a loan, what type of inquiry is this?
Hard inquiry/pull
Moving debt from one card to another card with a lower rate is called
Before an employer decides whether to interview someone, they often ask for a document that lists the person’s skills and work experience. What document is this?
Resume
A fire damages the main house. Which part of homeowners insurance would help cover this?
Dwelling coverage
A shopper uses a credit card and can keep borrowing up to a limit as long as the balance is paid down. What type of credit is this?
Revolving credit
If a credit card charges a yearly interest rate for borrowing money, what is that called?
APR - Annual Percentage Rate
Paying off the debt with the highest interest rate first is
Debt Avalanche
Kay earns $2,000, but taxes are taken out before he gets paid. What is the full $2,000 called?
Gross pay
This type of insurance helps support your family or beneficiary financially after you die. What type of insurance is this?
Life insurance
A person borrows money for furniture and agrees to repay it in fixed monthly payments. What type of credit is this?
Installment
On a credit card offer, where can you find the APR, fees, and other important costs?
Schumer Box
When part of a person’s paycheck is taken to pay a debt, what is this called?
Wage garnishment
A group of jobs that are similar or involve the same type of work.
Career Cluster
A family must stay in a hotel while their home is being repaired after a fire. Which part of homeowners insurance would help cover this?
Loss of use coverage
A credit card has a $2,000 limit. The balance is $500. What percent of the credit limit is being used?
25%