The supplying of money, goods, or services at present in exchange for the promise of future payment
Credit
100
The business or organization that extends the credit is the creditor
What is True
100
Open-end credit sometimes referred to as a ________ can be used repeatedly
What is A line of credit
200
A numerical rating based on credit report information that represents a persons level of credit worthiness
Credit Score
200
A cosigner is a person with a negative established credit history who signs the credit application and contract along with the borrower
What is False
200
A credit bureau, or credit reporting agency, is a firm that collects information about the credit worthiness of _________
What is Consumers
300
Period of time during which the balance may be paid in full to avoid finance charges
Grace Period
300
The APR of smart cards can vary significantly and makes a big difference in the cost of using credit
What is False
400
The right provided by the Truth in Lending Act that gives borrowers up to 3 business days to cancel a loan or other credit transaction for which their home of pledged as security
Right of Rescission
400
A balloon payment is a portion of a purchase price paid by cash or check at the time of purchase
What is False
500
The legal withholding of a specified sum from a persons wages in order to collect a debt
Garnishment
500
There are two kinds of Bankruptcy , Chapter 7 and Chapter 13