5 Written Questions
5 Matching Questions
- Loan Shark
- a A person who lends money at an exorbitant rate of interest.
- 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.
- 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.
- d 1. Cost of borrowing money. 2. Earnings from lending money.
- e An overall rise in the price of goods and services; the opposite of the less common deflation.
5 Multiple Choice Questions
- The crime of using another person's name, credit or debit card number.
- Provides property damage and liability coverage under specific circumstances.
- Aid in the form of money or necessities for those in need; often from a government program.
- The government institution with jurisdiction over a deceased person's will and estate.
- Confiscation of collateral, often without notice, if a borrower defaults on a loan.
5 True/False Questions
Tax Credit → An 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.)
Opportunity Cost → The value of possible alternatives that a person gives up when making one choice instead of another; also known as a trade-off.
Open-end Credit → A specific-purpose loan requiring repayment with interest and any other finance charges by a specific date. Examples include most mortgages or auto loans.
Liability Insurance → Protects the insured party from others' claims of loss due to the insured's alleged or actual negligence or improper actions.
Career → Compensation for work, usually calculated on an hourly, daily, or piecework basis and paid on schedule—usually weekly, biweekly, or monthly. (See Salary.)