Review Sheet

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Consumer Ed Chapter 10 Review Sheet
Name:
1. What is the definition of bankruptcy?
2. What is included in your credit history?
3. What are the different places you can go to borrow money? Explain each.
4. What are the pros and cons of borrowing through a rent to own center?
5. What is the Equal Credit Opportunity Act?
6. How does a cash advance work?
7. What is the definition of Credit?
8. What is the Fair Credit Reporting Act?
9. What is the difference between a secured loan and an unsecured loan and how does it affect
the interest rate of the loan?
10. What is a cosigner and what does it mean to be one?
11. If you are married, what kind of credit should you have?
12. What is the name of the law that helps customers correct credit card billing mistakes?
13. What is the difference between revolving and regular credit accounts? How is interest affected?
14. What is the maximum amount you can charge on your credit account?
15. What is the job of a credit bureau?
16. What is the definition of equity.
17. What are three types of borrowing that have the highest interest rate?
18. What is a grace period?
19. Is it better to have one credit card with a large balance available or several credit cards with
smaller amount available? Why?
20. What are the 3 Cs of credit and explain each?
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