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Consumer > Banking test > Flashcards

Banking test Flashcards

(24 cards)

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1
Q

advantage to credit

A

buy now, pay later

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2
Q

disadvantage to credit

A

ties up future income

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3
Q

credit worthiness

A

5’s

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4
Q

5’s

A 
1- Character
2- Capital 
3- Capacity
4- Collateral
5- Conditions
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5
Q

a person’s assets, land, house, car

A

capital

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6
Q

a person’s history of paying on time

A

character

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7
Q

a person’s income

A

capacity

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8
Q

a legal judgement to surrender most of your debt

A

bankrupt (except student loans)

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9
Q

time between paying bill and billing date

A

grace period

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10
Q

a store credit card allows you to carry a balance

A

revolving charge

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11
Q

schumer box

A

place on the statement that spells out fees and terms

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12
Q

amount allowed to charge on card

A

credit limit

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13
Q

installment loan

A

loan with specific terms

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14
Q

2nd person to sign

A

co-signer

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15
Q

a loan backed by value

A

secured loan (auto loan)

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16
Q

student loan and child support isn’t when…

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A

declaring bankrupcy

17
Q

loan can be denied because

18
Q

credit card act of 2009

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A

restricting age to 21

19
Q

mathematical tool to calculate credit score

20
Q

805

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A

good credit score- banks would give loans to high FICO score

21
Q

high FICO score

22
Q

increase credit score

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A

pay bills on time

23
Q

company that collects credit history

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A

credit bureau

24
Q

sign you have trouble with budget

Study These Flashcards
A

using credit to pay for living expenses

Consumer (1 decks)

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