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Chapter 5 vacab quiz

Financial amount paid to formal spouse for legal divorce
Alimony
 
 
_____ are items a person owns with value.
 
 
When you spend more money then what you have and assets are put together
Bankrupt
Debt
What the insurance policy is worth if cancelled.
Cash value
Proceeds
The signer of a loan with the borrower, taking full responsibility of paying if the borrrower defaults.
Coapplicant
Joint applicant
Cosigner
All of the above
Account owned by two or more people.
Creditor
Default
Co-ownership
Joint applicant
Creditor is the person who has money owed to them.
True
False
Credit references is the recommender of a bad credit risk applicant
True
False
Money needed to be paid is
Debt balance
Debt
Default
Debt balance is debt still owed at a given time
True
False
Terms of loan agreement not fulfilled
Finance charge
Interest
Real estate
Default
Expecting help from someone
Liabilities
Dependants
Mortgage holder
Finance charge is a cost available to use credit, including interest, loan fees, and credit insurance
True
False
Interest is payment for the use of borrowed money.
True
False
Borrowed money that the borrower pays for
Interest rate
Mortgage
Proceeds
Liabilities are financial amounts paid off
True
False
A loan for real estate that can be forced to pay off
Mortgage
Debt
Securities
Mortgage holder is the person who made the mortgage loan
True
False
Money from a loan a borrower recieves are proceeds
True
False
Real estate isn't attached to the land
True
False
A sale of loan tkaen back for not paying payments
Reclaim
Securites
Liabilities
Rule of 78 is a method where the borrower pays more interest at beginning of loan and less at end
True
False
Securities are stocks and bonds
True
False
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