Banking test

Question 1

advantage to credit

Answer 1

buy now, pay later

Question 2

disadvantage to credit

Answer 2

ties up future income

Question 3

credit worthiness

Answer 3

5’s

Question 4

5’s

Answer 4

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

Question 5

a person’s assets, land, house, car

Answer 5

capital

Question 6

a person’s history of paying on time

Answer 6

character

Question 7

a person’s income

Answer 7

capacity

Question 8

a legal judgement to surrender most of your debt

Answer 8

bankrupt (except student loans)

Question 9

time between paying bill and billing date

Answer 9

grace period

Question 10

a store credit card allows you to carry a balance

Answer 10

revolving charge

Question 11

schumer box

Answer 11

place on the statement that spells out fees and terms

Question 12

amount allowed to charge on card

Answer 12

credit limit

Question 13

installment loan

Answer 13

loan with specific terms

Question 14

2nd person to sign

Answer 14

co-signer

Question 15

a loan backed by value

Answer 15

secured loan (auto loan)

Question 16

student loan and child support isn’t when…

Answer 16

declaring bankrupcy

Question 17

loan can be denied because

Answer 17

income

Question 18

credit card act of 2009

Answer 18

restricting age to 21

Question 19

mathematical tool to calculate credit score

Answer 19

FICO

Question 20

805

Answer 20

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

Question 21

high FICO score

Answer 21

GOOD

Question 22

increase credit score

Answer 22

pay bills on time

Question 23

company that collects credit history

Answer 23

credit bureau

Question 24

sign you have trouble with budget

Answer 24

using credit to pay for living expenses