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of 138 available terms

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5 Written Questions

5 Matching Questions

  1. Insurance
  2. Interest
  3. Loan Shark
  4. Lease
  5. Inflation
  1. a A person who lends money at an exorbitant rate of interest.
  2. b A written contract specifying the terms for the use of an asset and the legal responsibilities of both parties to the agreement, such as a landlord and tenant.
  3. c A risk management tool that protects an individual from specific financial losses under specific terms and premium payments, as described in a written policy document.
  4. d 1. Cost of borrowing money. 2. Earnings from lending money.
  5. e An overall rise in the price of goods and services; the opposite of the less common deflation.

5 Multiple Choice Questions

  1. The crime of using another person's name, credit or debit card number.
  2. Provides property damage and liability coverage under specific circumstances.
  3. Aid in the form of money or necessities for those in need; often from a government program.
  4. The government institution with jurisdiction over a deceased person's will and estate.
  5. Confiscation of collateral, often without notice, if a borrower defaults on a loan.

5 True/False Questions

  1. Tax CreditAn amount that a taxpayer who meets certain criteria can subtract from tax owed. Examples include a credit for earned income below a certain limit and for qualified post-secondary school expenses. (See Tax deduction and Tax exemption.)


  2. Opportunity CostThe value of possible alternatives that a person gives up when making one choice instead of another; also known as a trade-off.


  3. Open-end CreditA specific-purpose loan requiring repayment with interest and any other finance charges by a specific date. Examples include most mortgages or auto loans.


  4. Liability InsuranceProtects the insured party from others' claims of loss due to the insured's alleged or actual negligence or improper actions.


  5. CareerCompensation for work, usually calculated on an hourly, daily, or piecework basis and paid on schedule—usually weekly, biweekly, or monthly. (See Salary.)


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