1. What is credit? (0.5 points)
The ability to obtain goods or services before payment, based on the trust that payment will be made in the future: "unlimited credit".|
2. What is a credit score? (0.5 points)
Your credit score is a three-digit number generated by a mathematical algorithm using information in your credit report
3. What is installment credit? (0.5 points)
a loan repaid with interest in equal periodic payments.
4. What is revolving credit? (0.5 points)
Credit that is automatically renewed as debts are paid off.
5. What is noninstallment credit? (0.5 points)
Non-installment credit refer to a system of credit that is payable in one lump-sum amount by a specified date
6. Name at least one section of a credit report. (0.5 points) lenders
Lesson 2 (3.0 points)
1. Name at least one of the steps in establishing credit. (0.5 points) Incorporate your business.
2. Name at least one alternate option to establishing credit if you are unable to get a credit card yet. (0.5 points) Get a secured credit card.
3. What is debt services default? (0.5 points)
When an individual, company or sovereign nation borrows money, there are usually legal obligations that have been set out in a debt contract
4. What is the Better Business Bureau? (0.5 points)
A Better Business Bureau (BBB) is a private, nonprofit organization that provides services and programs to assist consumers and businesses
5. What is a debt settlement program? (0.5 points)
is an approach to debt reduction in which the debtor and creditor agree on a reduced balance that will be regarded as payment in full.
6. What is bankruptcy? (0.5 points)
The state of being bankrupt: "many companies were facing bankruptcy"; "bankruptcy proceedings".
Lesson 3 (3.0 points)
1. What is an annual percentage rate? (0.5 points)
the rate, for a payment period, multiplied by the number of payment periods in a year.
2. What is an annual...