Bus 204 M5 Quiz Obtaining and Managing Debt
Federal law states that bills must be mailed to cardholders at least ____ days before payments are due.
21
The contract supporting a credit card account is called a(n)
credit card agreement.
A borrower who has failed to make a payment of principal or interest when due or meet any other requirement of a credit agreement is said to be in
default
The borrower will not receive the full amount of a loan when the ____ method is used to calculate interest.
discount
The outstanding balance owed on a debt is the
principal
Which of the following is an example of an unsecured debt?
signature loan
Which type of credit card allows the holder to make purchases almost anywhere?
Bank credit card accounts
You might find yourself obligated to pay an entire debt in full if you miss several payments because of the ____ clause found in most installment loan contracts.
acceleration
Installment purchase agreements are also called
collateral installment loans or chattel mortgage loans.
The legal right to seize and dispose of property to obtain payment of an unpaid claim is called a(n)
lien.
