Section 7 (part 2)

Question 1

The stock market in unpredictable and it is at risk of high and low savings in the short-term

Answer 1

Market Volatility

Question 2

Permission you have to borrow money

Answer 2

credit

Question 3

Personal info, permission to pull credit report

Answer 3

credit application

Question 4

Key means that the leading institution uses to determine your financial integrity

Answer 4

credit report

Question 5

The three main credit bureaus

Answer 5

Equifax, trans union, experian

Question 6

What is the risk of non-payment when it comes to credit

Answer 6

raises interest rate

Question 7

Five components of good credit:

Answer 7

character, capacity, capital, collateral, conditions

Question 8

Determines lenders decision to make the loan

Answer 8

conditions of good credit

Question 9

3 things the Bible does not say about debt

Answer 9

1. don’t go into debt
2. going into debt is wise
3. God will bail you out of debt

Question 10

4 warnings the Bible has against debt

Answer 10

1. Borrower is the slave to the lender
2. We must pay it back
3. Warnings to co-signing a loan
4. There will not always be time to pay off debt

Question 11

Four guidelines for borrowing

Answer 11

1. consider whether you truely need to borrow
2. Use common economic sense
3. Have a guarenteed way to repay loan
4. Ensure unity with family

Question 12

Paying off debt using the “debt snowball”

Answer 12

1. line up all debts you have in order of smallest-largest
2. put smallest one onto, largest on bottom of list
3. pour as much as possible into top loan