Econ Credit

Question 1

A legal process to get out of debt when you can no longer make all your required payments

Answer 1

Bankruptcy

Question 2

A plastic card that allows you to borrow money up to a certain limit and carry over an unpaid balance from month to month; interest is paid on any outstanding credit card balance

Answer 2

Credit Card

Question 3

A report on a person’s creditworthiness that includes identifying information, credit cards, late payments, bankruptcies, and savings balances

Answer 3

Credit Report

Question 4

A rating used by credit reporting companies to help lenders decide whether and/or how much credit can be given to a borrower

Answer 4

Credit Score

Question 5

A nonprofit financial institution, owned by its members, that accepts deposits, makes loans, and provides other financial services

Answer 5

Credit Union

Question 6

An asset that secures a loan or other debt that a lender can take if you don’t repay the money you borrow.

Answer 6

Collateral

Question 7

A plastic card used to make purchases at businesses (like grocery stores and gas stations) with money from your checking account

Answer 7

Debit Card

Question 8

A percentage of a sum borrowed that is charged by a lender for letting you use its money

Answer 8

Interest Rate

Question 9

A card that allows you to spend only the amount you have pre-deposited onto the card

Answer 9

Pre-paid Card

Question 10

Borrower gives the lender their automobile title or personal property in exchange for cash (based on value of item)

Answer 10

Title Pawn Loan