Section 5 Study Questions

Alia Freborg

Lesson 1 (3.0 points)
 
1. What is quote? (0.5 points)
Credit is a commitment to overcompensate for something in the future, instead of paying for it right away.
 
2. What is a ascribe score? (0.5 points)
Credit score is a number that tells lenders how belike you are to make payments on time.
 
3. What is installment credit? (0.5 points)
installment credit is when you borrow a specific amount and correspond to pay it in a specific number of payments of live amounts.
 
4. What is revolving credit? (0.5 points)
A revolving credit is when you are approved for acceptation up to a specific credit limit, and you send word choose how much of that credit to use and when to pay it off.
 
5. What is noninstallment credit? (0.5 points)
A noninstallment credit is credit that is paid all at once, in a single payment.
 
6. fix at least angiotensin-converting enzyme section of a credit report. (0.5 points)
noninstallment
 
Lesson 2 (3.0 points)
 
1. Name at least one of the step in establishing credit. (0.5 points)
One of the steps in establishing credit is opening a bank account.
 
2. Name at least one alternate option to establishing credit if you are unable to get a credit tantalize yet. (0.5 points)
Department store or gas cards.
 
3.



What are debt work default? (0.5 points)
It is the failure to make a payment.


4. What is the Better headache Bureau? (0.5 points)
It is an organization that reports on the reliability and ethics of companies and early(a) organizations.
 
5. What is a debt settlement program? (0.5 points)
They are programs that claim they can get you out of debt by negotiating your debt to a much bring low amount and working out a payment throw with your creditors.
 
6. What is bankruptcy? (0.5 points)
The inability to pay back your creditors, to the extent that you appoint legal papers that put your finances under the inspection of the court system.
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